They all promise the same thing, instant riches without work.

In Minneapolis for example, in properties that are zoned R2B, only 5 unrelated persons can occupy each dwelling unit.I rarely see rooms for rent anymore (boarding houses).

You, like others, would like improved profiles, and we are working on it.As you know, given your experience in the computer biz, things don't happen instantly, and if you can remain patient, I think you will be quite pleased with what we have planned for the site.Thanks again,

thank you both for your wise words, well anyway i guess i'm just so anxious to do my first deal. especially a deal like this were the homeowner is in distress and states to you how much equity is in the property (i know i'm a beginner, but i don't see how he'll benefit by lieing to me about the amount of equity in the property, because he already stated he doesn't want to sell the property, and i already stated to him i'm gonna view the property/mortgage paperwork)well anyway i must say i agree with you both, from first look it seems the best way to do this deal (thats if all the number are right) will be to purchase the house for the amount left on the mortgage, and give them moving cash and etc (this way i'll have alot of instant equity within the property, which i could either wholesale to another investor or put it on the market at a small discount and sell it retail because of the properties perfect condition, then i could even try a short sale to build up more equity to make the two above tactics more profitable for me)now the only tactic i can think of that would work, were they will get to stay in there house and will be profitable/beneficial to me as well is to then purchase the property real cheap (whats owed on it) and offer to lease option it back to them at a higher interest rate and at a higher property price, but i think this tactic will be risky with this individual because of his credit and the nature of work he's in (construction were some parts of the year your without work and tring to collect unemployment) so this is what i plan on doing, i first plan on putting together a list of questions i must get answers to at the tuesdays meeting i plan on having with them, then i plan on explaining the whole foreclosure process to them and the uphill battle they face (which i hope will change their position about not wanting to sell their house under any cumstances), then i plan on making a smooth exit and letting them know i'll be back in contact with them to let them know what i think their best solution is to solve their problem (this tactice is to buy time, so i can really cruch the numbers and speak with others to really figure out the best win-win for everyone, thats if their is a deal their)if anyone has any other suggestions please let me know

You should see as many open houses as you can and visit all properties on the market.By doing so, you'll learn what things go for in the market, and you will eventually know what a property is worth almost instantly.

For some of my bigger projects I'll trudge through the calls and empty promises of out of state investors, but for my single family and smaller multi-dwelling wholesale deals its just not worth the hassle for me.

John gives good advice.When planning any building like this, check with the local planning and development commission to make sure this is doable before you spend any more time or resources on it.Here in seattle all single family lots allows a second accessory dwelling, sometimes called a mother-in-law.

**Please answer each question:) :D Well,...Thank You all for your help:) I appreciate your time and your help guys:) :D :D Frenzy

I only buy rentals if I will have at least 30% instant equity and a significant positive cash flow.Mike

Down payments are an instant equity position, not debt.