I’m a home owner that would like to start building a portfolio but just lack the knowledge and direction. 

You are running into the same predicament that many homeowners / investors are running into these days.

Hi Jr, as a newbie,  I recommend going after pre-foreclosures versus foreclosed properties -- your mission would be to connect with the homeowner versus foreclosed properties which can be a scavenger hunt that leads to nowhere.   

If the average home price is $1M, and you want to get in the business of helping homeowners transact... getting a license seems like a way more obvious path to success than wholesaling. 

They should stand behind their work and they rely a lot on word of mouth, so wouldn't want a dissatisfied homeowner.

To qualify, the homeowner must have owned and lived in the property as their primary residence for at least 2 out of the 5 years preceding the sale.In your client's case, since she moved into the house on October 2, 2022, she would need to wait until October 2, 2024, to meet the 2-year ownership and use requirement.

Then later find out in underwriting that the loan officer did not calculate income correctly or used rents that do not qualify.You want to ask to see the math to see how are they running the approval it’s not just income, and rents it’s also what are the annual taxes and annual home owners insurance they are using to qualify.

Last I read about this issue, its been challenged in courts and I'm guessing their home owners insurance doesn't want to be embroiled in this; this gets into privacy laws, and it will depend on state specific laws but also could fall into harassment or even voyeurism. 

Contact the homeowner via postcard or door knocking.

Hi all- I’m in a unique / fortunate situation where I’ve found some older homeowners looking to remove the burden of managing a rental property that are willing to seller finance their property to me at $0 down and 1% interest on a 30-year note, no balloon.