Hi everyone,First BP post so I wanted to ask one of my most pressing questions. 

Then Oblama gave a press conference about what he and Geitner put together.

As a buyer's agent for first time buyers and other buyers, you can do quite well in CA over the next year or three.As for doing rehabs, that is a great strategy, you just need to make sure you crunch the numbers correctly and consider multiple exit strategies.For financing, if you pay all cash (using the $75k you have) or if you put large sums down, you will be hard pressed to refi that out inside of 6 months.You best bet is to buy all cash, fix, and sell to end user and repeat process.Your non-income will be a huge negative factor in getting financing but the credit is OK.Option: You could put 30%-50% down and get a non-recourse loan which does not require a personal guarantee.

found the probable base cause of the recent downturn in foreclosures - Press Release FDIC Statement on the Status of the Legacy Loans Program FOR IMMEDIATE RELEASE June 3, 2009 Media Contact: Andrew Gray (202-898-7192) The FDIC today formally announced that development of the Legacy Loans Program (LLP) will continue, but that a previously planned pilot sale of assets by open banks will be postponed.

Even at 50% discounts in CA, you would be hard pressed to positively cash flow some properties.

For a cash out, you may be hard pressed to find a lender that would go above 70%, or $77K.

The wealth of knowledge in these forums one would be hard pressed to match.

Continuing to press on after two or three, for a normal person with a normal job is where is starts to get uncomfortable.  

Every 3 hours I press A button on my phone and another craigslist ad goes to the top of the list to rent out one of my vacancies.  

I think this tells the opposite story to a lot of the negative press.