My feet on the street B of A loan guys are all starting to worry about 2012... does this just mean that they are going to do massive layoffs or is there a possibility that B of A could completely shut down it's mortgage lending unit?

Tony, I think your only chance at finding a deal NOW is working with a broker who's already been farming for 2 years or to drive for dollars.I HATE driving for dollars because normally its a massive waste of my time.

definitely right. short sale is a symptom. the cause is easy borrowing and people buying houses that they can no longer afford, which results in massive selling regardless of what they owe on it."

If you can start with a situation where you can do absolutely anything you want with very few restraints, AND you have a lot of patience, AND you've done massive renovations/builds in the past, AND you're a total house nerd with a true appreciation for space and architecture, then I MIGHT suggest that you take a shot at the floor plan yourself.The sort of houses I build and renovate often are on tight lots, with zoning restrictions galore.

I am a newer investor-but taking massive action and have 3 deals I am working on right now.

Massive water damage.

I hear massive dumps will be ocurring, then nothing.

We have maintenance install the washer and dryers so they are hooked up correctly.We use teflon tape,the steel braided hoses wit the high quality washers on the inside.Where the discharge hose goes into the drain we install a strap to the wall so the discharge hose won't fall out when draining and leak.Even given all that if they have an old washer it can give out and water can be released.The simple fix is a drain pan under the washer with a pipe that ties into the discharge pipe in the wall.All of this will cost about 40 bucks or so not including labor.Well worth it than cleaning up a huge leak causing massive damage.We also check the hot and cold water valves the supply lines hook into from the washer.The valves might be gone and partially leaking.Also if the tenant installs the washer and dryer they might over tighten fittings causing bent pipes and damage or under tighten having leaks.Been my experience with over 20 units on a 30 year old building.

In the event there is massive deflation he would simply walk away from the loans and/or offer to deed the properties back to the owners.

Any major work like boilers or massive apartment cleanout gets charged additionally.