You want to know enough about construction to supervise contractors and enough about cars to understand your mechanic, but do you want to fix your car yourself and do your own plumbing?

Hunter gatherer, farm, with horse, mechanized, agricultural, energy, computers, internet communications and internet.  

There is nothing wrong with older homes but there is a lot wrong with older mechanical systems, plumbing, electric, gas, and other CapEx items like windows and a roof.These use lots of maintenance issues, are costly, and can ruin an investment.You should know how to check a main line, major structural components like a main beam and floor joists, foundation walls, how to check for Galvanized plumbing from a second floor, knob and tube wiring, old galvanized drain lines, lead paint, asbestos tile.Don’t take on a major renovation as a newbie.

I don't know if you can find FHA or conventional lenders who'd be willing to finance a wholesaled property (actually, I know that in generally they won't), so the buyer will either need cash, private money or perhaps a portfolio loan from a commercial bank.But, if you can get past the financing difficulties, the mechanics are the same as with any other wholesale deal.

You could even add a few pieces of trim and a nice handle and hinges to open with locking mechanism for a pad lock.

Meant to come back to this thread to answer Rich's question, but Ron pretty much echoed what I was going to say with respect to foreign currencies.In my opinion, both the New Zealand dollar and the Aussie dollar are good diversification mechanisms, as their value is tied heavily to the natural resources coming out of those areas (as opposed to being tied to the US dollar).Plus, Australia and New Zealand have proven that they're not too keen on following the actions of the Federal Reserve; correlation to the US dollar is relatively low, and even interest rates are still relatively high in those countries.

There are some other mechanics that go into that type of deal and the realtor has to be involved because the deal can't be conducted without them because the lending institutions say so.Not sure about REO's and wholesaling.Are you buying fixers?

Contractor advises that she has to pull a permit for replacing gas (floor) furnace vent pipe with double-wall and another permit for installing gas water heater at $200 per permit. Wondering if anyone has any feed...

Current properties#1) 2 bed 1 bath totally rehabbed (new mechanicals and 4 year old roof)Purchase price: 55kRent: 117450% rule cashflow: 284 per month#2 4 bed 2 bath totally rehabbed ( new hvac, appliances, and mechanicals)Purchase price: 95kProjected rent: 170050% rule cashflow: 250 per monthBoth properties are financed through conventional 30 year loans.

What one would have to watch out for is ones that were not reported predating the bank-owning them, so when the bank took it over they would not have cleared it if it was not reported.Thanks for your any feedback, I was curious how you communicated with the title company about the liens exceptions list from auction.com "Most liens are removed after a foreclosure property sale, but certain liens may remain.Here are some examples:Any lien recorded on title prior in time to the foreclosing mortgage.First Mortgage (if the foreclosing mortgage is a second or third mortgage)HOA or COA assessment liens (in certain states)Mechanic’s Liens (in some states)Government liens such as state and federal tax liens, city or county liens, US Government liens.IRS liens (IRS may buy the property within 120 days after sale at the price paid at foreclosure sale)Code Enforcement Liens, Environmental Liens, and Utility LiensChild Support Liens"Thanks & Regards,