I haven't attempted to buy a 2nd lien position before, trying to wrap my ahead around the strategy-here is the deal i am looking at:1st position lien: 2004 balance of $36,000, to date - 1st hasn't issued any default notices so i am guessing it is current.2nd position lien:2007 balance of $35,000, Foreclosing lien @ Final judgement of $62,000.there are no other superior liens such IRS etc..ARV is about $150,000, so good equity if ill be able to buy below judgement.I am assuming that buying the 2nd position loan will give me title the property subject to the 1st loan..will i be able to directly negotiate a payoff with 1st lender ? 

Ill definitely get some of those books, you have been a huge help.

Unless a writing containing or confirming the terms of the listing agreement otherwise provides, the licensee shall transmit every written offer on any real property or interest therein presented to or obtained by the licensee during the term of the listing to the owner or his authorized representative within 24 hours of receipt of the written offer by their firm.

Ill have him check that bank out. 

in a few months ill hopefully be closing on another one. im gunna go for a lower price range maybe something around 160k-180k so I can get someone in around 1400. 16 is a little high for this area seems like

Im here in North Austin.I pretty much focus on Austin and San Antonio residential properties, sub-2s, property tax loans, pre-foreclosures etc.Email me if anyone in the area wants to get together for coffee or email me some deals and Ill see if im interested.Martin

Even if there is never a problem with the property there can be problems from death, illness, divorce, law suits from other parties, unemployment, credit issues for refinancing...John Corey

Secondly there was no agency relationship involved of any kind, thus throwing out another last gasp at trying to require a license.Now I do have to give one warning, it is all to common for a wholesaler to say I 'll find a property for you to a prospective buyer.

In the bubble, we had a very hot market, although artificial, and any monkey could throw a dart at the board, say, Ill take that one, and sell 3 months later for a $50k profit without doing anything. those times are gone and I doubt they will come back in our lifetimes.In a standard hot market, prices do not increase that rapidly so flippers need to find a way to buy at a discount, then sell at the premium price after rehab.In a stagnant market, which we had from end of last year to approx February of this year, it was more difficult to find a deal worth doing and if you did have one, harder to find a buyer too, although, when you did, still a profitable position so I would summarize that a good flipper can make money in any market so long as he/she has the connections and abilities to get the deals and get them sold.

Ill share a tip with everyone who doesnt know it yet.