Once its foreclosed you have to wait and get in line, some times the realtor will make it a pocket listing, basically give it to one of their friendly investors. you can always negotiate a short pay on the 2nd and with the seller still on title your wiggle room and closing concessions are not hampered by the bank.

Basically they purchase a home or property that is far behind in taxes, then they let it go to a sale rolling the dice that it will bring more at the sale then what is owed on it.

But here you can sign up at some local highschools and for like a couple hundred bucks you bassically take a basic class in different things like electrical wiring, basic plumbing and some other stuff.

We've started to assemble a Real Estate Investing Guide FAQ to help answer both the basic and most complex questions asked by real estate investors.Please check back with this guide, as we will be adding to it until completed!

One crazy idea that I came up with is:Arv 210000Asking200000Use option - purchase price170000 (85%)Repairs2000Staging2000Option Cost10Marketing 1500Gross Profit210000 -170000 40000Net Profit34490So, as you can see, I would negotiate a very small option cost of $10 because I was basically doing 2k of repairs and 2k of staging and money marketing their home, all at my expense.

the owner just had a stroke and has other properities. this one is the only fixer-upper, he basically just wants out. i,m taking an equity loan on my house for $40000 for down payment, closing, and a small credit line(about $12000). my main concern is the labor charges of contractors in my area. the on-hand cash would enable me to get local handymen and cheap laborers to cut into alot of the cost of teardown and disposial. also a friend workes for a local home builder and is willing to do alot of the drywall work and floors on the side.

There are designers out there that are relatively inexpensive that help with basic setup AND there are companies like realestatetomato.com that will design the entire thing for you including SEO support.Let us know what you end up doing, we can all chip in along the way :)

Basically, you create a company, and then get the IRA to invest in the company.

Nothing beyond the most basic of reporting required for me.

The inspector basically told us this but we didnt listen, now I have been trying to sell my house for 7 months or so.