If you aren't cash flowing well year 1- with proper expenses built in- or worse, you are underwater.. sorry. 

steve, the refi did not require an appraisal last year; it was underwater so there's a government program which doesn't require an appraisal & can still refi. lynn, i have not spoken to my lender about a SS.

My issue has been with the Wholesales who target underwater mortgage holders.

Helix here in San Diego, and have been renting out our properties since.Unfortunately, my girlfriend bought her home at near the top of the market and has just recently gotten right-side-up after many years underwater.

Etc...If the property owner is likely underwater (say you targeted mortgage lates or pre-foreclosures), you'll want a different list of questions that will ask things like:- How many mortgages do you have?

I have added 15 homes to my rental portfolio all of which cash flow like crazy, refinanced all 3 underwater properties via HARP 2 (combined $700/mo interest savings), and the stock market just hit multi year highs.

All the leads were underwater, so I just referred them to a realtor.

That should even work for owner-occupants, especially if they're in distress - underwater, pre-foreclosure, etc..You should be getting at least a 0.1% response (8 respondents).

Instead, what I believe is more important is to spend time understanding what the people on that list need and want better then your competitors.Even if you are targeting absentee owners, you can focus on in on particular subsets, like folks who were underwater and just have equity again - your pitch to them should be different then to absentee owners who own their properties free and clear.

Last year, I decided it would be better to rent out my house that I bought in 2004 since it was still under water.