I have a pretty good prospect on My 1st fixed and flip house after putting up some bandit times around my area and was able to find a house valued around 200 K and asking prices around 120 K With about 15K work as far as I can tell.

Cold calling and DM is a great way to gauge how your prospects will react to marketing.

The property should only be listed “pending” until actually closed.I just sold one,while pending I took 2 back up offers.As long as you are clear and honest with the prospects,you shouldn’t have a problem.Best of Luck!

Also, is a negative equity a criterion for identifying prospects off market?

Usually this would come from a prospective buyer who you have lined up for the property.

.:)I'm sure there may be some demographics where the markey is soft for enough prospects to fill a complex and that may influence lowering the age requirement.

I didn't find much in a search here, but did find a thread on the other things to take. http://www.biggerpockets.com/forums/56/topics/61204-what-prospecting-tools-do-you-carry-

It's not mandatory in NJ to have a signed written agreement but it is required that agents inform the prospective client of agency relationships verbally and in writing by giving them a copy of Consumer Information Statement (CIS) prior to any substantive discussion of the prospect's needs and wants.

In all of these cases, the prospective borrowers had been taken by a loan scam for $1,000 or more.

Secondly in my main state of California I am not required to say I am licensed, that is a contractual item in the Realtors Code of Ethics but not a state legal requirement.But even when I have disclosed my license status most sellers/ buyers like the idea because they know I know what I am doing or at least they assume so, and that it will be done right.And to the how do they stay in business thing, the main thinking is they are making pocket money to keep them going and for every sign they have up there is a chance they might get some buyer prospects and that will be their main money, selling buyers not interested in the listed property.