It is always best to have more than one lender.In Charlotte, we have yet to secure any finance, and we have deals on the table ready to go.

The lender may not pay any closing costs for the buyer but when they agree to a short they know that the current owner can not bring cash to the table so they absorb the selling costs of the property.

Your lien is behind the 1st so more at risk but you have less cash on the table.

Banks don’t like to sell to “Investors’ in general, because they feel they are leaving money on the table.

As for what percentage for you, that depends on what you bring to the table.

call listing party to schedule a showing, ask them why they are selling, ask them if they feel it needs repairs, how long it will take them to close, are all parties on the title located and getting along well enough to meet at the closing table, ask them if they have any inspection reports or if the proeprty has a termite bond, get ALL the listing parties contact info.4.

Mikeit is an option thats still on the table. i am not sure how people are in this market about lease options and contracts like that..plus alot of my contacts would be through MLS b/c i have no foundation, help, or contacts of my own so i would also be dealing with "regular" agents who don't quite understand the process and won't be able to give the seller an accurate idea of what the heck is going on. i need to first find out how to have no budget but still find sellers in preforeclosure. i need to find the business/legal papers and subscribe to that although i am sure the other investors have that lead as well. another idea that i saw through Armando Montelongo's book was to contact divorce and insurance lawyers to tell them I am interested in buying their clients homes.

I wasted four hours at the closing table trying to fix a weekend hotel room short sale closing with a " multistate trust" the parties and the beneficiaries are coming back tommorrow.... we are having the beneficiary of the botched trust, the trustee and the buyer to comeback to re-execute everything!

If I went behind her back and did a first deal without her knowledge (or some of the other advice given here), my next move would be on the defendant's side of the table at divorce court.

The best partnerships are 50/50 imo, but until you have a bit more to bring to the table($, credit, all of the work but equal say so) I'd say 60/40 or even 70/30 in his favor.