Helping people who are facing the 3 Ds when you are hunting for motivated sellers.You also might be able to build success and then have a better story about how you went from diasbility to self-employed.Go for it.John Corey

thank you both for your wise words, well anyway i guess i'm just so anxious to do my first deal. especially a deal like this were the homeowner is in distress and states to you how much equity is in the property (i know i'm a beginner, but i don't see how he'll benefit by lieing to me about the amount of equity in the property, because he already stated he doesn't want to sell the property, and i already stated to him i'm gonna view the property/mortgage paperwork)well anyway i must say i agree with you both, from first look it seems the best way to do this deal (thats if all the number are right) will be to purchase the house for the amount left on the mortgage, and give them moving cash and etc (this way i'll have alot of instant equity within the property, which i could either wholesale to another investor or put it on the market at a small discount and sell it retail because of the properties perfect condition, then i could even try a short sale to build up more equity to make the two above tactics more profitable for me)now the only tactic i can think of that would work, were they will get to stay in there house and will be profitable/beneficial to me as well is to then purchase the property real cheap (whats owed on it) and offer to lease option it back to them at a higher interest rate and at a higher property price, but i think this tactic will be risky with this individual because of his credit and the nature of work he's in (construction were some parts of the year your without work and tring to collect unemployment) so this is what i plan on doing, i first plan on putting together a list of questions i must get answers to at the tuesdays meeting i plan on having with them, then i plan on explaining the whole foreclosure process to them and the uphill battle they face (which i hope will change their position about not wanting to sell their house under any cumstances), then i plan on making a smooth exit and letting them know i'll be back in contact with them to let them know what i think their best solution is to solve their problem (this tactice is to buy time, so i can really cruch the numbers and speak with others to really figure out the best win-win for everyone, thats if their is a deal their)if anyone has any other suggestions please let me know

Nice deck the length of the view-facing wall.

The people you will face today most likely wont be where you are going and if you dont get through these challenges, you may not be there either!!

Seems like it may be best to rehab, rent and hold for a while if the number work out.Working with builders/developers has its own challenges.

Buying price will be 290k, however the property is valued at closer to 500k.Today and tomorrow I go to look at it as well as get some much needed face time with my boss to discuss all the ins and outs.

Married couples can exclude gains up to $500K on a property they've lived in for two of the last five years.But, as Chops says, it can be a challenge.

Most insurance policies do not cover a lot of the hazards that landlords face - like lead paint, asbestos, mold, etc.

Our team has discussed the short term capital gain dilema we face and all agree that the offer is certainly something to consider, regardless of the tax burden.What short term capital gains tax rate should I apply to my figures....My "current" tax bracket?

I believe that this win-win idea originated with the gurus who were trying to make newbies feel better about taking the equity from people who were facing foreclosure.