Obviously, I am not generating the volume most of the other posters are talking about, but I have made some good deals – comparable to the two I have purchased on the courthouse steps and far less risky.

Jeff S Na I've never done it that way, seems very risky though.

Based on my experiences the best way to offset risk is to rent properties by the room.  

But that is extremely risky.

I think the biggest risk is you put in a lot of time and money and never manage to do a deal.

I would like to flip the house so if i take 140k times .70 which equals 98k minus rehab costs of 25k that would equal 73k should that be my offer or should i also take into account Realtor commission and contingencies , I have done one other flip with a short sale not using this formula and made around 5k does not seem like enouph return on my investment for all the time and trouble and risk! I

In my mind, that's a risky strategy, especially for someone who has never owned property before of any type and who has never been a landlord before.

I just don't do risky deals.

Its not easy and can be very risky but if you do it right it can work out.I have some old clients from California who buy homes here, then drive out and stay for a week sleeping in the home ( which is crazy !!!!

In other words, you need to define your own value proposition and convince a mentor that he/she should work with you because it is to their benefit.