Do not forget the indirect expense along with the capital expenses.  

I also realize that the work I plan to do in real estate will indirectly or directly in some cases affect the many foster youth that I work with and am connected to which makes me want to be even more cautious in the wholesaling business.

I also realize that the work I plan to do in real estate will indirectly or directly in some cases affect the many foster youth that I work with and am connected to which makes me want to be even more cautious in the wholesaling business.

Hello investorsI am in need of some advice/direction. I just sent out my first direct mail campaign last month, and It failed big time. I sent out postcards that a local investor mentioned worked. I felt they were pre...

@Julia Vang Hart: There is no harm in having a checkbook control IRA LLC like that has been discussed here, and you have hit the nail in the head that you have to be careful with the prohibited transaction, but there are other caveats that have to be considered too, when working with the Checkbook Control IRA, LLC... one of them is to enable your IRA to get the beneficial tax treatment, the LLC at any given time has to be deemed as a "real estate operating company", wherein the definition states that: "atleast 50% of the assets, valued at cost, are invested in real estate which is managed or developed and with respect to which such entity has the right to substantially participate directly in the management or development activities and such entity in the ordinary course of its business is engaged in directly in real estate management or development activities"Based on what you have outlined in your initial posting of what you intend to do, it appears you would fall into this definition, but it has to be consistent throughout the life of the entity.

Otherwise, another method would be marketing, driving for dollars, etc. where you seek out homeowners that do not yet have their homes on the market and make them an offer ... most (but not all) of these would be on distressed properties that you may or may not be able to get bank financing on and the owner would likely want a quick close which again would mean you'd need to buy all cash.Otherwise, if it is a property listed on the MLS, I'd put the offer in through the listing agent ... you may not get a direct discount from the owner not having to pay half the commission, but I guarantee you that the listing agent will be motivated to close the deal with you since he/she would double end his/her commission, so you may be able to still get a good deal in an indirect sort of way.

At the same time you can indirectly educate them on why houses in general cannot command the highest price (lack of upgrades, need of repairs, etc.). 

Land/home is in direct competition with your affordable housing option as a potential park owner and is a more appealing option to anyone out there looking to live in a mobile home.  

In direct mail the secret sauce is culling down an "every address" list for higher probability scenarios:  vacant, absentee owner, late taxes etc.  

That may save you some time by nosing what to expect in indirect expenses.