My properties were in Williamson County Texas which has a fairly high foreclosure rate considering how well Texas has been weathering the recession.My last deal:Duetsche Bank Jan 2011Original list 99kList 89kDOM 90+Bid 74, Bank countered 79, agreed on 77 but negotiated 10k off because slab sloped so 67k, 10k in fix up (didn't fix slab as minor) and rented for 1000 monthDeal 2 July 2010HUD list 160k, bid 139k the first day it went to investor bid and was the only bid. (8k Tax credit had expired) Bid accepted

As a hard money lender we receive calls from wholesalers fairly often.

If you got to pick and choose, that would be the opposite of a "Fair" Market Value.

It was 2006, and about a year before my wife and I had finished paying off some fairly large debts I'd inherited from my previous marriage.

The area is fairly depressed.

Especially since you may have acquired them at a fair amount.

He is 8 years into the business and does very well.I have done fairly well in my first 2 years and have completed deals in excess of $2,500,000.

One of his ideas was to break the loan into somewhat 2 loans: The first being a % of the Down Pmt that is personally guaranteed and will be paid off first giving owner the 'skin' in the game so to speak...Its all wrapped into one but a small portion is personally guaranteed.He said he didn't need money down either but when you get down to it, putting a little down solves the problem.

If you consider it you should require they pay 4 months in advance.This will cover them paying the first months rent,time to immediately evict them if they violate a provision in the lease,and cover paint and carpet again.If they violate the lease for any reason all the money paid upfront is NON-REFUNDABLE.Don't just stick a tenant in there to put one in.Make them meet extra security demands or wait on a better tenant to come along.You have to make a tenant like that have a bunch of "skin" in the game.They may or may not have reformed themselves and if they have they should not mind putting extra down.

i dont know of any banks allowing a seller to hold your downpayment...not saying its not possible, but most want skin in the game....good luck and let us know :)