I think on preforeclosures I am confused on that - equity or no equity I start with the owner right (the letters, knocking on their door, etc) and in either case I HAVE to get their approval to either make some sort of deal with them - OR - get authorization to work with their lender - is this a true statement?

The primary driver for someone to want to get out of a house is job change, divorce or financial disaster.

Summary of my project: Upgraded old electrical systemComplete kitchen remodel (including soapstone countertops, copper farm sink, stainless appliances)Complete bath remodel (two)Removed walls on stairway, so now open stairwell with new newels, ballisters, etc.All new windows, doors and door hardwareAdded/replaced all molding (crown/baseboards/door/window etc.)Replaced all lights/outlets/switchesRefinished all floors (wood)Replaced all metal radiator covers with custom wood covers (turned many into great little windowseats)And finally (of course) every single paintable surface has been painted!

Ok,SO I have a freind that calls me and wants me to fly to Detroit to Invest..Here's the deal he has 20-30 properties that we can buy for 15K fix for another 30 KWe will be Rehabbed at 45KThese rent for $900The ARV is 90K for this market but resells are bland right now..Our take is to get 60% LTV BANK loan of 54K at 20 year AmWe will cash flow at about 150 a door per month on the 20 Year noteSo 30 of these we will get9K in pocket * 30 =270K36 K Networth Increase * 30 = $1180000 Millionaires150* 30 = 4500 a month cashflow!

I had Signal Door Company come out to install my brand new $974.31 door on Sept 18.

Should I start with letters, or door to door?

Imbedded in my Purchase and Sales Agreeement is a phrase that states "This Agreement can be assigned" This is what allows me to wholesale the property without having to purchase it myself.The main ingredient in a successful wholesale is starting with a motivated seller.So what do you do or say to the owner if you can't sell the property to another buyer/investor?

If you bank has filed a "notice of default", or whatever its called in your area, you've probably had numerous phone calls, letters, or people knocking on your door already.If you do try a sale leaseback like you describe, I'd recommend you do it with someone you don't care to stay friends with.

In your opinion, what would be the best thing to say to get my foot in the door to talk to them and take me seriously?

Bleroux,Start your screening by looking at their driver's license.