There are many success stories that can be sited about individuals that didn't even complete a high school education.I still feel that a well chosen college education can give you an edge.

I guess I'll do as you suggested and go sit in at a few sheriff sales before I actually bid because I dont want to take a gamble on a dud property.

You can see similar economics at top law firms, where associates work 80 or more hours per week for several years for the 10% chance of making partner with a 7-figure income.It appears as if some people have a natural tendency to gamble and these are the ones who decide to start businesses.

The yields available over there are just too good to turn down.I'm curious what lead you to the cities you've chosen?

Zoom in to your chosen neighborhood that I told you earlier to learn where it is in relation to a map of the city.If there are no houses in your neighborhood, alter your search to increase the top price point by $5,000.00 then search again.What you are looking for is the bottom threshold of housing prices in your neighborhood.

I noticed you are in California.Many investors are not purchasing there that live there.They are looking at Florida,Georgia,etc. where you can buy multiple properties cheap that cash flow well.California tends to be more of a speculative market where the markets can swing wildly and many take a gamble on appreciation.You just need to define what you want your plan to be.About what range do you have to put down??

Why property and not another venture, well, small business owners will give you a different answer than day traders, who will likely give you a different reasnoning than those on BP who have chosen to pursue RE.Maybe we all just grew up playing Monopoly.

investment in the stock market which is akin to gambling IMHO, buying a business which comes with its own set of issues...or real estate...and of course...working for someone else...i have a finance background...tried the stock market..got burnt...looked at many businesses/franchises to buy...nothing made the cut....plus it was overwhelming to buy a business...i also have a full time job in San Fran for a large large company and i hate the thought of going to work.. and now tht i have my properties i deal with one property manager...who deals with tenants etc...i love the independence and cannot wait for a few years before i can afford to quit my job...i think it is the prospect of being financially free that gives me an added rush...

Ultimately, if the FC date has already been set, which is the case here, "they" could be the investor who is holding the investment since they have final say on postponements as they usually incur a legal expense.In my opinion, "they" may have chosen to incur the expense in order for the servicer (Mortgage co.) to do a workout (loan modification, short sale, DIL).Eric is correct, there are many reasons for a postponement.

Are you using your own closing company or the one chosen by the seller?