Wanting to start flipping Pre-Foreclosures. Need help!

[Jonathan Studdard]

I'm wanting to get into flipping houses ($150,000 range) in the near future as I have some money coming my way (>$200,000). Pre-foreclosures seem to have the highest potential profit margins with minimal renovation requirements. Does it help to have cash when negotiating or is it irrelevant when taking over the mortgage in default? I assume a bank would be more willing to give a good deal if I can pay cash to pay off the mortgage, and obviously the owner likes cash. If someone can give me a brief example of how flipping a pre-foreclosure would ideally go, I'd be much appreciative.