My money is currently held up in another real estate transaction that has gone totally wrong due to negligence on the mortgage side (don't ever use Meridian Mortgage).

Thank you Dcg123, I totally agree.

I'm a total newbie so dont know where to start.....Do you guys think I can start with the cheap duplex since I dont have any money rite now....Please give the newbie some suggestions.....

I am in total agreement.

Alot of the people from this board are in a totally different boat then we are atm in the market.

Down payment is the amount (percentage) of the total price that comes out of YOUR funds, not borrowed money.BTW, most deals don't close "in a couple of weeks" after your offer is accepted.all cash

I am doing a test in Florida with a little over $100.00 (I think $106.35 in total) I might wait 2 years and see what happens then bump up my out flow to more expensive properties with higher tax dues and are more valuable.

Also, San Francisco seems unlikely to bottom out totally so you're likely to be able to sell your home for a profit whenever you do decide to move away.

I was weary at first considering my first investment was a total burn that I am still trying to get out of.

I will be VERY grateful if someone knowledgable could guide me through it.Scenario: House worh well over $500K, in foreclosure, owner says she owes $385K total.