"Subject to" vs Seller Finance | Subto Breakout
Wholesale Hotline | Brent Daniels
Wholesale Hotline
4.9 • 586 Ratings
🗓️ 22 May 2022
⏱️ 9 minutes
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Summary
The most frequently asked question Pace get - What's the difference between Subject To and Seller Finance?! Let Pace break it down for you!!
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Transcript
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| 0:00.0 | Hope all is well during this crazy time. I wanted to ask you, is it possible to do a subject |
| 0:05.7 | to on a property that's free and clear? The answer is no. That is not what subject two is. |
| 0:16.0 | So I said that's called seller finance and the answer is yes. So technically at the end of the day, |
| 0:22.5 | it is subject to, but that's not how we depict it. So we're going to give into that in just a |
| 0:26.5 | second. He said, word, seller finance is similar, right? What makes it different? And because it's |
| 0:33.0 | Instagram, I don't really have the ability to type. Actually, when I answered this guy, |
| 0:37.2 | we were driving |
| 0:37.9 | the car and I was paying attention to somebody else. But my answer was debt versus no debt. |
| 0:43.3 | That's the biggest difference between, that's the biggest difference between seller finance |
| 0:48.5 | and subject too. So let's do a little situation here. So we just bought a property in Nevada, |
| 0:53.9 | no joke, just today. Okay, |
| 0:56.1 | this property in Nevada is just south of the strip. It's right by the airport. We're going to end up |
| 1:00.9 | buying this property as an error B&B. I bought this property actually at full retail value, |
| 1:07.7 | which is a very stupid thing to do as a real estate investor, but why did I buy it |
| 1:12.6 | at full retail value? Well, because this gentleman already has a mortgage or a deed of trust. |
| 1:20.1 | He has a deed of trust with Wells Fargo for $290,000. |
| 1:28.3 | I am buying the property at full value of that house, |
| 1:32.0 | but I'm paying literally $0 for it up front. |
| 1:35.8 | So I will be the owner of the property. |
| 1:37.3 | I don't have to go out and get a loan |
| 1:39.0 | because I simply take his loan |
| 1:42.0 | what we call subject to. So I am buying his property subject to the existing |
... |
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