How A Subject To Deal Goes Sideways And I End Up In Court! [LAST PART] #wholesaling #storytime

Name: How A Subject To Deal Goes Sideways And I End Up In Court! [LAST PART] #wholesaling #storytime
Uploaded: 2024-06-27T15:00:45+00:00
Duration: 54 s
Channel: Nathan Payne
Description: In this segment, Nathan Payne shares a hard‑learned lesson from a subject‑to/creative‑financing real‑estate transaction that went wrong. He warns against…

27 Jun 2024 · 1 min

Watch on YouTube

0:54

In this segment, Nathan Payne shares a hard‑learned lesson from a subject‑to/creative‑financing real‑estate transaction that went wrong. He warns against post‑possession arrangements, emphasizing that sellers must vacate the property before closing. He advises holding back a portion of the purchase funds as an incentive for the seller to leave, and stresses the need for emotional, mental, and physical preparedness when handling such deals. Transparency with the seller—providing clear timelines (e.g., a four‑month move‑out period)—is highlighted as essential to avoid legal complications and court battles.

Chapters

So anyway, I learned a lot of lessons from that. Lesson number 1, if you are going to buy a property on subject to creative financing, contract for deed, anything like that, post-possession is not a good idea. Don't do it. If you're going to buy a property like that, you need to make sure they're out of the house before you close. Because if they fight it and you have to evict them, when you go to court, the documents are going to look weird, right? Because either they're on title or you're on title or however you structured it, it's just funky. I've talked to too many people that do subject to and creative financing deals and they're like, yeah, don't do that. Make sure you hold money back. Back and give it to them once they leave. Like, incentivize them to get out. Be prepared emotionally and mentally and physically, everything for this job. Like, you're going to run into some ups and downs. Obviously, if you don't do what I did, you won't have to face that, that problem. But this job, like many other jobs, comes with trials and errors and, um, you know, tribulations, failures. You got to be mentally prepared. Be transparent. We told them exactly what was going on. We gave them 4 months.