The first applicant that we received was a married couple with three boys and two pit bulls and out of state driver license numbers - no thank you!

The insurance was by the original mortgage company, but the mortgages were bought by private investors and the original mortgage company is nowhere to be found :-/

Hi David, some suggestions would be to learn as much as you can, Typically I would not want to use my own money, private funding is what you want to aim for.

There's always tomorrow :) When you guys finance do you use an HML or Private lender, or bank?

private sellers, brokers and businesses are offering those....Craigslist is also an excellent source of sellers offering their property under a lease option...one hour of good research online could give you more leads than an entire day prospecting for a lease option seller...worth the try.

I think the lack of interest is because most private money has short durations.

I have private lending money available to help fund the acquisition and rehab costs.

Make sure you also have private money lined up for you in case you need it like most investors do.

( if the price is too high such as 8ok and the home is only worth 100k, chances are that a true cash buyer will not bite and private lenders will not have an interest, If your buyer needs to finance the deal, you will need to get your assignment outside of closing.

The closing costs you quoted are about the minimum (regardless of purchase price) if you are buying and traditionally financing a REO (as per my experience making offers on HUD homes), since the bank won't cover any of closing costs like a private seller would.