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I set up a toll free number and posted it in our local classifieds. So far I've received three calls. They just say they have a property for sale and leave a contact number. When I call back what are the questions I should ask?

Build rapport... find out if they are really motivated. If they are:

Find out the address of property for comps

Find out what existing loans are on the property including monthly payments and interest rates.

If there are any tenants currently living in property.

Any liens against the property.

Is there anything else I should ask?

Hey guys

I was wondering.. how would you calculate if a property is worth going after? What numbers do you run against the price of the home.. Does it depend on how much they owe against the property or how much the property is behind on their loan? How do you determine how much would be needed for closing costs and taxes etc..

I am in San Diego

Thank you for the very detailed article. I will save this to help protect myself :superman:

Thanks for that! What methods are there to know if a comp is right or not?

Thanks for the Real Quest site, very helpful.

Hey guys, I've been doing a lot of reading and even read all the stickies but I still feel perplexed on some things.

I think I'm all square on getting a good deal on a property and such but once you find a motivated seller how would you determine if that property is really a good deal?

So yeah you got it at 65% of its value but how would you run comps on the house beforehand?

Would I just go to a realtor and how much would they charge?

Do you also put location into factor before you start looking for a motivated seller?

When a lot of properties are on the market how would you find a tenant or find another person to buy it off you? Heavy marketing?

How do I get familiar with my market? Should I just read MLS listings to get a sense of how much houses are going for? But how do I get a hold of MLS?

Any help would be appreciated :]

Thanks for your posts, this forum is full of knowledge. I am looking at a property in Vegas that a lady needs to sell ASAP but I also know an investor who can take it up if I am unable to do it. He is basically my mentor and he'd pay me a finders fee. I appreciate everyones help.

yeah you guys bring up some good points. i'll keep my eye out, educate myself and pay off my debt. Thanks everyone

I just calculated my debt to income ratio, based on the monthly payments I make on bad debt to my monthly income before tax. I came out to about 38.7%. I do pay more than minimum on my debt but I pay enough to have some money left over for myself each month.

You guys do bring up a good point. Maybe I shouldn't focus on rental properties just yet. How about purchasing properties and reselling them? I do have a full time job that does pay the bills and it's enough to have some left over cash. I am trying to start my own side job as a photographer.

Hi all,

I am very much motivated by everyone's posts and books I've read. I am looking to buy my first property! Here's my situation, I have about $15000 in credit card debt and have a car loan. I would sell the car but it is my means of transportation. Does anyone have any recommendations on buying property with hardly any cash. I have heard of people buying property with no money down but how likely is this? My goal is to purchase property and have tenants living in it. Or purchasing a single family home and resell.

Are there any recommended books on renting out property? I guess what I do not know is what terms would you have the tenent agree with or terms/process of buying and selling a home.

There's just so much information out there. I know some people say to just get out there and do it but I just feel as if I need to know more first. Any help would be appreciated :]