They are going to snap up a bunch of foreclosures and make a killing.

I have no ties to it...and it's also a new business type that's fairly untested.

Generally speaking, when you have a deal in which you have a fair amount of equity at closing, it's going to spit out an optimum exit time of about 1-2 years -- to take advantage of the equity you got by buying cheaply and taking into account the break you get on cap gains taxes, etc.

Then follow through, firmly but fairly with ALL tenants.You will have to judge your credit requirements partly on your current market if it is REALLY bad, but typically I require 3X rent for gross household income; some sign of stable, verifiable employment (or significant savings); no recent, or more than 3 MINOR credit derogs.

I it is owner or non owner do come into play on these questions… To answer these questions 100% accurately, there are numerous questions that come into play… This is advanced foreclosure law class stuff and these are fairly complex foreclosure law questions.

Worse yet, you haven't included a bunch of expenses that will pop up over time.

By doing the work, you'll save a bunch of money and you should be able to work a lot faster than a contractor.

An "exclusive right to sell listing" means the seller is obligated to pay a commission regardless of whether or not the buyer is represented.So, an exclusive agency allows you to bypass the agent, but an exclusive right to sell means the agent is going to be involved no matter what.That said, since this agent is the one who gave you the lead, would it be fair and honest to try and cut them out?

I think alot of people got burned.I've spent the day looking at the sales history of a bunch of properties here in Mid-Michigan that are currently for sale.Some of them sold for as much as $97k in 05 and now are in REO for $32.Tons of these houses being listed are being sold for less than they were 3, 4, or 5 years ago.Many are going back to prices of 97 or 98 which just seems crazy to me.Seems like the perfect time to buy at the right price!

Remember through the Fair Issac rule you have a 30 day window to allow Mortgage companies to pull your credit.