Right now i'm in an area that is considered a "buyers market".. not sure how this would benefit an investor since everybody is looking to cash out in this area.I have my first prospect on a nice 3bd single family home owner is asking 86,500 for it.. other houses in the area are going for 95k I know this could be a good investment..i'm sure i can get her down to 80k and possibly 78k.

I have my first prospect on a nice 3bd single family home owner is asking 86,500 for it..great looking property and lots of land... huge back yard. other houses in the area are going for 95k I know this could be a good investment..i'm sure i can get her down to 80k and possibly 78k.

This information is very effective when tracking a prospect seller.Best Regards,-Steve

Take the "FEAR" of success quiz at:http://www.fortune.com/fortune/quizzes/careers/fearsuccess_quiz.htmlMany investors believe that successful investors are simply in the right place, at the right time and their is some truth to this but the fact remains to be a success in this game one needs the proper mix of:Luck + knowledge + compassion + skill = successGetting your foot in the door of a foreclosure prospect reaches beyond what most of us have been taught in seminars, books and tapes.

And, my all time favorite, when talking to a prospective PM about a 3/2 SFR that had just gone through a $40K full gut renovation, "oh, we could get a Section 8 tenant in this right away."

I've found the best labor to be guys my age (mid '50s) who got whacked by their (usually Fortune 500) employer, who are facing the prospect of never holding a salaried job again.

Most professional property managers - those of us who have been in the biz for a LONG TIME - interview prospective client/owners as much as we interview the property itself.If a client/owner starts tellin me how to run their property, I give them the names of two of my "lesser" competitors to call and interview.

You might also find these helpful when evaluating the income potential / cash flow impact of new prospective deals.One recommendation--build up 3-6 months of expenses in a savings account (money market or whatever) for each property.

It is always a good idea to look at everything about a prospective tenant.

That could deter someone from trying to sue you to get at that money.