I had a motivated seller contact me with the following details:- Tired landlord wants out 1250 sq ft 3/2 house built 1991 good shape house- probably rents for about 1000 a month- 1st mortgage $69500 payments $766 current- 2nd mortgage $27000 payments $289 2 months behind- Est market price $115K but will sell for what he owesThe only way I would be interested in this is if I could get the second mortage holder to accept a payoff of a couple thousand only on the debt but I have no experience in pulling something like this off.

Sold a few to people who intended to live in the house and make repairs for sweat equity, that may fit the definition as well.I assume that those who buy programs finanlly figure it out, that being in the wholesale business means buying distressed properties and selling them to a limited market of buyers.....other investors.I suppose in Detroit you might have an inventory to work with but what puts a newbie in the business ahead of seasoned investors in locating what they want seems to be a stretch to me.My last flip was found while out getting some food to go, a guy was talking about selling his house.

You'll definitely have to do more due diligence on your contractors and stay more on top of things if you don't have any construction background, but after a couple projects you'll start to learn that side of the business.Look at it this way, Warren Buffett owns businesses ranging from insurance to food to shoes to diamonds to paint supply to jets to furniture to railroads, etc...do you think he's an expert in all those things?

Then there is the challenge period (where parties and lien holders can challenge the validity of the sheriff sale or the scheduled distribution of proceeds from the sheriff sale); a court order might arise as a result.

If it is then this could be your first one.Hope I've given you food for thought.

In addition, I also saw some activity and development by Rathbun's it seems that some is in the process of developing a food market of sorts.

I don't know if this is relevant to your situation or not, just food for thought.

Just some food for thought.

No high paying jobs, just fast food or the school system.

I hope the forums provide you with helpful information and food for thought.