No income, no job, 38 accounts in collection, multiple evictions, drug convictions, pit-bulls, 6 roomates none with jobs..... nobody you can rent to in that lot.This winter, the callers are practically non-existant and the majority of them are telling me they only want a place for about 6 months because they are planning on buying.

But in a short reply from the New Jersey, they indicated that my definition of birddogging was stepping on the activities of a real-estate broker which requires a license.My definition of birddogging was both/either1) Merely finding information and presenting a possible deal to an investor with a finder's fee contingent on the closing of the deal2) Or finding a property and representing the seller in a short sale and then finding an investor to buy and taking a fee upon close of the sale-- not sure if that is what other birddogs are doing, but from what I read, these two options seem to be the majority of the activities --I am currently requesting a copy of the State of New Jersey's real estate commission's guidelines and regulations on paper so i can read through it a bit more.

Program regulations are in 24 CFR Part 203.

Is this overhaul of the FED really going to make a difference in the market. Analyzing this would be looking at well into 2-8 years before we see any affects. "Blueprint" will allow the goverment to look into everyone...

This can be done as full doc 85%, max 10 financed properties or stated 76%, max 5 financed properties.Whether you are paying off an existing first lien and taking cash out or just recooping your purchase funds doesnt matter...it's all looked at the same.

Of this low income group, I haven't seen more than a handful of credit reports that were better than HORRIBLE (or non-existent), although many of these people will make good tenants.I would consider lower-middle income tenants to be those that work regularly but at a low income job.

I've been interested in r.e. for quite some time (I even bought the Carlton Sheets program on cassette, b/4 cds existed!)

Generally the seller knows that I will either buy it with my existing company, but I may sell it to another investor.

So, I would like to say I'm extremely grateful that this place exists and that I may learn as much as I possibly can from you all.

Purchase the property Subject to the existing financing with a promise to pay the owner's portion of the proceeds in 90 - 120 days.