As it is, I have one fourplex in Killeen at the moment (FHA financed, I had already used both VAs on single families).I'm an agent in the area, and multi-families are pretty hot right now.  

I am in Richards camp on this one if you have no money and still want to pursue this line of work.. then be up front with your offers.. the only reason people use the BS white lies is because the reality is in hot markets or properties that are not worth anything you won't get many offers accepted if you can't close... why let you do it when that is what they hired the agent to do.Get your ducks in a row find a money partner, be strong in your offers put those who have no funds in their place when they try to compete against you... that's how you make money in RE.. not with smoke and mirrors if you do not get a ligit  money partner your probably will be out of the bizz in a very short time.Very first thing I would do if I was wholesaling is I would have a hand out... entitledBEWARE the PERSON trying to buy your property that has no money...

One response was that's like going to the Indy 500 and saying you want to get a Driver's license.I don't think it's that bad but Cambridge is a super, if not uber hot RE market!

Cant find any multi properties that will yield 10% ROI.Would you guys/gals buy in an area "less hot" if you can buy for 60.00 a SF but there is a very low chance for appreciation.

Here are some steps to get started.Step 1) Develop your Business Model (Who is your ideal seller, buyer, neighborhoods, etc)Step 2) Build a Team (Leverage their experience, Realtor, Attorney, Contractors, Surveyor, Home Inspector, Environmental Contractor, Architect, Structural Engineer, Stage, Photographer, Title Company, etc)Step 3) Understand your market like the back of your hand (Have a Realtor set you up on HOT SHEETS so you get automatic listings sent to your inbox and you can start getting a pulse on the market)Step 3) Find a Deal (Package the deal and show supporting evidence that it's a good deal, get an appraisal if you have to) Include the following: Company Bio w/ your team members on it, Property Details, Property Tax Card, Scope of Work, Pictures/Video, Comparables, Financial Analysis, Due Diligence Items, and Contact Information.Step 4) Find Private Lender Prospects- Sphere of influence, networking events, ask for referrals, ask CPA, ask attorney, etc.

In regard to wholesaling, Orange County isn't the easiest to work that niche, as property values are very solid, so there's no smoking hot deals to speak of. 

We have talked about doing this for 15 years as we have rehabbed our own houses and believe this would be a good time to strike.Our ultimate goal is to obtain 10 rental properties in the next 5 years to create enough passive income to run our household.  

any details would be helpful. or is one person in military per household the 80% rule?

i know this sounds pathetic but I need to get out there.I've done a ton of busy work and i do not believe i can get any more prepared to start than where i am now.I've been to webinairs and find myself answering other people questions.I've listen to countless you tube how to videos and find myself hear the same thing. even saying what they were going to say before they said it. i got yellow templates saved, i got seller scripts saved, i many different business card designs saved, i have a web site designed saved. the list goes on and on.What i need to do is start picking up the phone and make some phone calls.to like: calling realtors and get to know the hot spot marketsgo to a reia meeting instead of keeping track of when they are.network with others in my areastart looking for real property (not sample property to practice on) and runing the numbersdirect mailgetting on that phone.it's just frustrating and i have no one to be frustrated at but myself.has anyone gone through this phase?

Local markets are still hot, so I'd like to get in sooner than later and capitalize on the fast equity build for longer term strategies.I'll look into the options you've noted and seek out a smaller, more flexible S&L/Broker and try to start building a relationship there.