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Also, I was thinking rather than address these issues with the landlord, i would try to haggle the rent down a bit. Right now its 1600 for a small 3 bedroom duplex in New Rochelle, New York (Westchester County) Rather than argue about having him do the improvements, maybe he can reduce the rent?

hey guys, I am still somewhat new to this forum, my question is pertaining to an apartment I am going to rent with two other people for myself during the school year. It looks like there might have been some light water damage on the second floor of the duplex, how can i tell if this is going to be a problem, and if it needs to be fixed. Also, there is some pretty horrendous carpet in the rooms and in the hallway. Hardwood floors are underneath. What is the most cost effective way to revamp the flooring without spending an arm and a leg. Mind you we are college students so luxury is not needed, but it still needs to be decent. Im more concerned about the possible water damage and mold that may be present in the 2nd floor than anything else too.

Let me ask a very novice question here ( Nothing ventured nothing gained i always say)

so am i to understand that a property can be foreclosed in two ways?

1. Property owner not paying loan/mortgage
2 Property owner not paying taxes

And to answer your other question, my definition of a guru is one of those guys offering a simple "get rich quick plan." I want more procedural information than strategy at this point. I've only been working in the REI for about 5 months and I know one can certainly get rich, but in no way shape or form in a quick amount of time.

Thank you for the information John. It was brought to my attention by my boss, that the property could be acquired through this process. I was unaware that the percentage in which these liens are paid off was so high. I believe he was speaking of commercial and industrial tax liens which may be a different story. To give you a better understanding, I am just beginning in Real Estate Investment, and have some money for either a rehab on a house or even to possibly rehab and rent out. I thought these tax liens would be a good way of acquiring a property as you refer to as " pennies on the dollar." Nevertheless I plan to start reading these books you've suggested.

I am looking for some books that are more informative, rather than these get rich quick schemes that I'm finding out are 99 percent nonsense anyway. Can anybody give me some recommended reading? I'd like to focus on Tax Liens and Foreclosure's but also just some general investing knowledge. Also, residential rehabbing as well but it isn't as important.

I am currently in school for my bachelors in psychology. I got into RE and REI this summer because my father has been a broker for over 25 years. In his office, (speaking on brokering only) I've found that people who have backgrounds in sales tend to have a better/easier transition than people with other desk jobs. I imagine its due to there personable attitude. Investing and brokering however seems to be apple's and bowling balls.

I just received an e-book from Lou Vukas that I believe is called Tax Lien Secrets Revealed - America's Last Untapped Goldmine. It also has a heading of $0 Down Real Estate Buying with bad credit & no job. This is going to be my first piece of investing literature recommended by my boss. ( Who is a well established REI himself) Any feedback on this program will be much appreciated. I'm going to read this and any other information thrown my way, but I want to know whether I need to keep anything in mind. Thanks guys. Evan.

What about the old school grunt-work of knocking on doors. Finding out who owns the building and seeing if they're interested in selling/leasing etc.. I find this to be especially beneficial because you can generate some off the market leads. Im talking more about commercial and industrial end of RE, im not sure how you would do this for res. I have seen this work for countless people both novice and veteren's.

Thanks Flipper, I hope I can gain a few things from this board.