If you have good contractor estimating your rehab costs you'll have a better picture of what the costs will be, add a little for buffer and buy low enough and you should still make money even with extra expenses or holding costs.

I have my present home that I am putting $5,000.00 extra amonth in pricnipal.

What would I do with an extra $500 or even $5,000 a month in cashflow?

With a $650 mortgage (which I'm not sure that's accurate with a 52K note) then most of the extra $200 you were factoring as cash flow will get eaten up in maintenance and vacancy.

This will give you a rough estimate of their payoff and the extra fees involved in a preforeclosure.

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Also, getting permits for work to be done, and pull past permits from the court house, so you dont get pinched for something you didnt do.

I purchase properties with my own cash, make sure they are fixed up right so you don't have problems then you refi and pull your own money out and sometimes 5k extra.

I am up to my eyeballs in debt so I don't have any capitol to start, and I want to learn to wholsale so I can pay down a bit of my debt, and get a little extra to start rehabing my own properties.

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