I am going to start out wholesaling with the goal to get in the game and eventually do REI full time.I am 20 years old and have been doing my own business online for the past 5 years mixed between web/software development, hosting, and advertising/marketing.

Here's what I would suggest:Read as many of the threads and posts on this web site as you can.

Some entity is lending the money and they will get a lien against the property to secure the loan.

Denver Area Real Estate MapHave patience, their web site is not the fastest.The summary is that low priced neighborhoods, prices under $250,000, have seen declines in values and have been hard hit by foreclosures.

But it's not required.I did receive a letter saying that the transaction I had described was acknowledged but that the bank was not waiving any rights provided under their security agreement.

Check with your attorney.In my experience, the first thing you need to do is secure the property.

I've called a few hard money lenders I found on the web but they all seem to have some requirement that doesn't fit my situation.

That means you paying for the roof, the hot water system, heating or cooling, secure doors and windows, controlling pests, etc.Evictions have been overturned because of a landlord expecting the tenant to do too much when there was a lease option.John Corey

The mortgage company just cares that you have the money to repay the 2nd mortgage AND that their is equity in the house to secure the 2nd mortgage.If he is recommending that so you can document your self-employment income, that is a different story.

I usually prefer the ones that wedge to the inside and then you also secure the flange to the subfloor with screws.