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1 thing you can do is to go register at Home Depot as a Contractor, this will give you access to supplies so you have an idea....for labor call a contractor and ask what he charges...X's how long you figure the project should take...and there you go...go do it several times and you should be pretty close. OR just hire a contractor to go to the property and give you an estimate...either way....

I drive around in the not so good neighborhoods, and no they're not jumping to sell always, I let them sip a lemonade and tell me all their problems and pretty soon they start to thinking 140K will solve all their problems (normally they own it outright)...and we pull contract out right there and sign...1 week later money is in their hands....takes a bit of time...but definately worth it.

You're right...prices are high here, I'm an hr from LA so not as high as down there....300K for a decent house....that is why it's such a good deal...by the time they figure out what they could have got for it....title is in my name, and rehab has already begun.

You could also consider refinancing with a 620 fico can go 90% LTV NOO and at the same time get a HELOC, this will give you a much higher cash flow for additional properties.

I am in So Cal, I have a bit of a different stradegy here, rather than looking on the MLS (which is overpriced here) I take a drive in the older neighborhoods and find houses that really need work, offer cash for 120-140K, take 1-2 months to rehab and sell for 300K ....prices are not as expensive here as in No. CA, but still very good profit to be made.

I am new to this site, just joined...YAY....
and I just wanted to introduce myself..

I am a Loan Officer with Bridge Capital....no this isn't spamming...
Also recently started investing in REI, I have purchased and rehabbed 3 properties and sold...here in CA it's a killer deal.

Anyway...if I can be of any help to anyone here please feel free to call or post a question...I'll be happy to help you. :superman: