Rich Dad Poor Dad RE Investing was one of the first ones I read...really basic but informative so its a good start.

Rich

Rich

Rich out to the city governance.

Rich

Gary,The truth is many wholesalers don't have a dime to their name.They read some get rich quick crap and try to lock up properties for 10.If I am a listing broker there is no way I would allow the seller to go through with such a deal.I would insert multiple clauses if they insisted to a right to continued marketing and a termination clause by the seller at any time in the contract.After all if YOU the buyer have no risk then the SELLER should have no risk either.If you put up a bunch of money that you stand to lose you will hustle like a SOB to FIND a buyer that will perform.If the seller tries to pull the listing early or withdraw there usually is a protection period built in for the broker unless the seller re-lists the property with someone else.Every seller will go through a sales cycle.Sometimes these last more than a year.The further desperate they get the more they will drop on price and be open to creative financing to eliminate their problem.Banks are sellers too and operate this way.I see many bank foreclosures overpriced.Over time they reduce to sell.If you are a wholesaler finding listings on the MLS is NOT the way to go.As a listing broker I would simply tell my client.Rather than selling that low let's keep reducing the price by xx percent each week until we get a contract.This way you will know the highest price the market will bare and not leave any money on the table.The problem is often listing brokers wait too late for a price reduction and it is still overpriced.When a seller reduces they have to be in the bottom 50% of for sale pricing to get a contract unless they have an unbelievable property which isn't the case 99 percent of the time.

Thanks Charles and Rich.

Others, such as myself and Rich, outsource the labor protions but do not outsource the other items.Nothing wrong with either is our point here, and none of us are preaching any guru nonsense that has been floated through this thread.

Rich's final level is building an estate for his grandchildren.

Rich,Here's how I see this deal:Gross rents: $4,200Operating Expenses: $2,100NOI: $2,100Mortgage (30 yr, 7%, $214K): $1,424Cash Flow: $676 or about $85 per unit per monthThat's a little low for me.