I'm still in the learning process I've been in contact with a potential mentor his name is Pat Cleary any feedback back would be appreciated

Acquisition price (Including potential closing costs)+ full rehab price = Total cost basisGross yearly rents- 15% for R&M - Actual yearly taxes- Estimated insurance costs- 5% VacancyGross rents less those expenses, divided by acquisition price = My cash ROICash ROI - mortgage costs = Cashflow

It's easy to get excited about potential, patience is definitely key.I believe the property is bank owned, but getting ahold of that bank has proven to be more difficult than anticipated.

The agent negotiates on behalf of and acts as an advocate for the seller.The seller’s agent must disclose to potential buyers all adverse material facts actually known by the seller’s agent about the property.

It's a classic arbitrage plus you get other potential benefits like appreciation and rent growth that could make you rich.And you're taking on no risk.

Then the next step is a collection agency and they take a % and if it's small some agency's don't even bother.With your next renter set your rental criteria so you can screen potential renters that will qualify better than the old ones.

There are a lot of good resources available and proving to your potential partner a serious focus and how you are preparing besides an eventual practical experience will show that even though you may lack the credible experience, you have all the "right stuff" to get there quickly and be a good partner for him too.

So here I am, hoping you guys can inspire and mentor me on potentially making my first deal in the near future!

I knew the property very well and when running my numbers, the most I could pay for the property was $70K, maybe $75K absolute tops-- because I thought the property had great potential as long-term rental (not as a flip).

Any experienced wholesaler who would be willing to partner with me if I found a potential deal?