I get properties everyday that are being sold off market and I package them (meaning do all the leg work) run the numbers, call on zoning, codes ect, market analysis, comps, and present it to my investors who are looking for such properties and work them through the rest of the deal.

I'm finally going to a local investors meeting next Wednesday with sdcia, and I also have a meeting with someone at investorsconcierge.

The load officer finally called me today (he was on vacation) and I voiced my concerns.

The small amount of money I gave them made it worth their time to help me out, and they also had the opportunity to be on my short list of contractors I knew when I finally bought that first one.Ultimately, one of those contractors ended up being my main GC, and has helped me on many projects since.

Once the auction is over, they take the winning bid (offer) to the lender and seek final approval.

I will get the enjoyment from living in it and will get the benefit of not having to pay taxes on the profits that go into my second house when I do finally sell.I have been scouring the foreclosure listings every week, but am kind of stuck as to what exactly I should be looking for.

The average mortgage is paid off in about seven years and this is built in to the risk analysis of any portfolio.

Because of that, they typically require at least 20% down, and it can be higher.If you are looking at a pre-construction property (which there are many of these days), then the deposit is usually due in stages with the final payment coming when the project is completed.There are advantages to getting in on the preconstruction phase, and that is usually when you will get a best price compared to completion, however, you really need to make sure you do your research on the developer and property to make sure they have the resources and track history to complete and manage the project.A contact with Starwood Development recently told me know that they have a number of projects under way right now in North America including Seattle, Scottsdale and Wailea to name a few.

And most people are “ignorantly” willing to give them their lives.The point I’m going to make finally here is that EMOTION is the #1 driving force of the highs and the lows in this market.

By the time you evict a bad tenant; have at least a couple of months of vacancy during the eviction; pay court costs and legal fees; repair all the damage; advertise for a new tenant; etc, it is much more expensive to have a bad tenant than a vacant unit.At any rate, all I'm saying is that a thorough screening of the tenant and cash flow analysis of the property is warranted.Mike