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296: Rookie Reply: Pre-Foreclosures and How to Cut Your Property Management Costs

Real Estate Rookie

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How to Buy a Pre Foreclosure Property Without Doing Subject to Deals

Pace Morby: You can still buy a pre foreclosure without doing subject to deals where they're taking over their mortgage. So in this scenario, the homeowner is 19,000 behind. When calculating this bid, do I put this number in with the rest of my expenses? If you are going to purchase this property in cash, you will have to pay that 19,000 but you'll also have to pay the balance of whatever is due on the loan to. This process, we actually tried to do this first with the bank that we ended up getting the subject to deal on and paying back mortgage on it.

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