I am sure that I am not the only person out there that has this problem, but I have finally come to the realization that because I have no cash and crappy credit that a hard money lender is the only way to go right now....if there are other suggestions, that would be great.

I finally had enough and gave him the code enforcement officer's name and badge number who approved my properties for occupancy with the same "needed repairs" he listed on my friends' properties.

So you will either have to increase rent to about $500 per month or lower the price down, or get a better interest rate or get a 30 year or 40 year mortgage.....And finally your last problem, which might be your toughest hurdle (as i had this problem) Unless you are in good with your banker you will be hard pressed to find anyone to give you funding for such a low amount

Today there was an article in a local paper here in Chicago that put out some results of studies if people were biased.

Thanks to everyone for your insight, honest brutality, and gift of helping others.That said, I'm finally looking at my first REO.

I was excited tonight to finally crack into the Top 12!!!

For example, one of the two houses I just signed on today went as follows:36.5K Ask26K Offer30.1K Final Accepted OfferRehab 11KList 74.9K, offer just above 72K will be final and will close the deal.

When you have four rentals, it is possible that through bad luck, they could all go vacant at the same time, which could result in significant losses that could break many new investors in a short period of time.

Reason 2 is to build capital to purchase multi-families, do some seller financing, and finally to possibly get involved in the note business.

We should be hearing back from them in the morning as to a final decision, and hopefully we will submit the contract to our title company tommorow to open title, and we can start to market it to an end buyer.I will keep you all informed as to how it goes.