hello everyone, well anyway i'm a new investor and after some research i decided to focus on pre-foreclosures.well anyway i was told of a strategy that i could use that didn't involve the use of any of my money or credit and will allow me to actually retail these properties to end-buyers and not just wholesale them for a small profit to other investors, it sort of goes like this.1- locate and market to the people in pre-foreclosure, 2- once they contact me setup an appointment with them, 3- setup a land trust with them ( which they will be the beneficiaries and either me or a disinterested party the trustee)and have them sign a "warranty deed to trustee" doc which i will record at the my local court house, 4- also have them sign over there beneficiary interest to you which you'll store away for protection of problems that might come up in the future 5- start marketing the property as well as working on the short sale with there lender, 6- once i have my end-buyer (and hopefully my short sale is accepted in time) have my title company perform a double closing to pay off the first lender as well as myself, and to give the end-buyer clear title without any seasoning issues coming up (which i was told there has to be two separate HUD's, two separate escrow accts and etc)so my questions are: do i have all the steps down correctly or am i missing something?

This sounds like a house you just may want to buy and wholesale to an investor without doing anything to it.

Upcoming area of New Jersey Essex County.Single Family: 3 bedrooms 1 & 1/2 bathsAsking: $180k [negotiable]Repairs: $25 - 3okBasement is unfinished, kitchen needs updating and kitchen ceiling needs repair do to plumbing work done.

im in south jersey

I have completed a few short sales and wholesales.

My doctor told me I couldn't work any more, so I support myself and wife with real estate.I have done some foreclosure stuff, rehabs and wholesale flips.

.$18,000/year on $372,500 is 4.8%.Who are you hoping to wholesale this too?

Is Ohio looking at a wholesale transaction where the sales contract is Assigned as an "illegal" transaction?

I've actually been connected with someone there whom I've done quite a few wholesale deals with.

Hi Eric,The two I know of in NJ are Metro REIA in Central New Jersey and Garden State REIA in Northern New Jersey.I am a member of Metro REIA and decided to join that one because I heard from mutiple people who visited Garden State REIA meetings that many of its members have an agenda to push items they are selling - don't know this first hand.I find the people at Metro REIA genuine and really wanting to help newcomers.