We're both also interested in obtaining properties and just renting them out, but in order for that to happen we have to be able to obtain a mortgage on the property, or pay cash outright so I feel that to be better off as something for the future when we are more established and comfortable in Real Estate.

I'd like to have skin in the game on my first new deals.

You could put the whole $20k down on 1 $80k home.The number of properties is insignificant without establishing your other goals first.

Its a numbers game and thats just what it takes to take deals down off MLS.2) What I would suggest is finding 2 or 3 realtors that are the listing agents for a majority of the bank owned properties in your area.

@Dwight Williams Welcome back to the game!

But real estate is a relationship business, so unless you want to make unnecessary enemies (and local RE agents are very quick to make enemies), just learn the rules of the game and keep playing it.Btw...

So, you really need to know your numbers with each project.It's a numbers game.

Some people just make a bad decision once in their life and then they are labeled and treated like they will forever be the scum of the earth.Just do a search for a list of felonies:Issuing a false certificate 175.40Sports bribe receiving 180.45Tampering with a sports contest in the first degree 180.51Rent gouging in the first degree 180.57Unlawful possession of a skimmer device in the first degree 190.86Promoting gambling in the first degree 225.10Possession of gambling records in the first degree 225.20Gaming fraud in the first degree 225.60Possession of unlawful gaming property in the second degree 225.75Use of unlawful gaming property 225.85Obscenity in the second degree 235.06Eavesdropping 250.05

Many mentors in this situation want the novice to put up most or all of the money in exchange for splitting profits evenly.The hours are reasonable if the properties and tenant class are nice, and he's training you and passing off his established system for doing things.

If you're new to the game, the book should be your bible!