I think BECAUSE the prices have been hit harder in those places makes it a reason to go there.

The broker that was assigned by by primary mortgage servicer said that only 30% of applications are being accepted by Fannie based on what they are seeing.There is talk of a HARP 3.0 that might hit later this year for non-Fannie/Freddie backed loans.

I can not figure one good reason to partake, for any investor, but I think Joel hit it right on the head.

Maybe approach them and see if they are willing to carry the financing till the end of the rehab and till you hit a set occupancy number, then refi out and pay them off.

I can see values dropping a bunch but for the cash flow rent rates to drop by 40% something drastic had to happen in the area.Either your property was in nice shape and now it is trashed and instead of pouring more money in you have reduced rents over time OR the area has been hit with massive foreclosures and new purchasers reduced rental rates to rent up fast.I like the idea of the local investor to take it on.I never buy 2/2's unless it's apartment buildings.For resale 2/2's are really hard and do not hold value as well as 3/2's.Some areas it might make sense but not for me.

Steve L hit the nail on the head...in my market there's about a 5% bump in appraisal for condition.

Jon, my plan was to finish drinking my coffee and hit the coin shop on the way to my office this morning.

Its a big reason we didn't get hit with the housing bubble.

Ya, I didn't even bother deselecting ones I knew, I just hit 'select all'You're welcome for the spam :)

I plan on joining a real estate mentoring club once I return to my hometown, and continue to prepare myself as much as possible over the coming months.Some general questions that I have:1) What are some things I could do to prepare myself in order to hit the ground running?