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If so, what marketing method and targeted group (porbate, absentee owners or pre foreclosures)do you feel has been the most effective for finding motivated sellers?

Is there much difficulty to find quality tennants?

I'd rather do things right and have an apartment that shows well so quality tenants will sign a lease.

I explain that I'm an investor, and that if they can't provide very competitive price (along with quality work), they shouldn't waste their time bidding the job.

The person that gave me this idea told me he's never seen one clog with this method.

Obviously it depends on the type of project you would be developing, location, quality, etc.

The reality is there are MUCH BETTER properties out there than buying this POC at any price.If we are having to come up with extreme examples under which this property might possibly work it is a loser.If you change the layout etc. it still is on a crappy sloped lot.Any property manager will tell you these types of properties even after being rehabbed nicely are hard to rent out to quality tenants.On value add deals the investors I talk with that own 100 to 150 units at a time go for buildings that are at about 50% to 60% occupied.The sweet spot (as they call it)where all the copper and electrical is still there and some tenants are paying for cash flow.The buyer can convince the bank that the property is going down hill to take a lower price and the seller if not the bank has already given up on turning the property around.Over time the new buyer can rehab each unit one at a time to turn around while having cash flow.

Richard look up your local real estate investor association.If you go to work for a flipper to learn the business make sure you are not used and abused.Make sure they have completed a certain volume of deals and that they have the knowledge to give you.What investors do not want is to work with someone with no drive who wastes their time.If they will pay you a decent wage that is at least what you are making now or more,you hit it off from the start,etc. then you are on your way.Eventually you can partner with them on some deals when you save up some more cash and they will show you how to save and supplies and do quality repairs and upgrades in a fast manner.

They have some good quality contractors.