Did I understand correctly that you have 17 properties in Ala. and 15 in Ca.?

This really means you have to value correctly what you want and you need to be willing to pay for it.If you want to do your own comps there are services that provide the data to the MLS organizations.

Correct me ifI'm wrong but to make at least $5k on this, would I have to drop the price to around $80(she won't take less than that) because then w/$80k +$5k=$85k +mrtg of $27k=$112 and that's still a bit below market.

hello everyone, well anyway i'm a new investor and after some research i decided to focus on pre-foreclosures.well anyway i was told of a strategy that i could use that didn't involve the use of any of my money or credit and will allow me to actually retail these properties to end-buyers and not just wholesale them for a small profit to other investors, it sort of goes like this.1- locate and market to the people in pre-foreclosure, 2- once they contact me setup an appointment with them, 3- setup a land trust with them ( which they will be the beneficiaries and either me or a disinterested party the trustee)and have them sign a "warranty deed to trustee" doc which i will record at the my local court house, 4- also have them sign over there beneficiary interest to you which you'll store away for protection of problems that might come up in the future 5- start marketing the property as well as working on the short sale with there lender, 6- once i have my end-buyer (and hopefully my short sale is accepted in time) have my title company perform a double closing to pay off the first lender as well as myself, and to give the end-buyer clear title without any seasoning issues coming up (which i was told there has to be two separate HUD's, two separate escrow accts and etc)so my questions are: do i have all the steps down correctly or am i missing something?

The problem with the last option is knowing that you have clearly identified the right person and that any agreement is not excluding someone you might not even know is around.Anything is possible and done correct you can be successful.

Yes you would be correct if I remember right it is at its highest point in some years now.

The numbers are right if your ARV is correct and if you can sell the house quickly.

Even when lenders do not file anything the borrower is still required to document correctly the debt being forgiven.Bottom line is home owners should have less to worry about if they fit within the new law.

I hate to say it that way, but that is correct.

Correct me if I'm wrong:1.A wholesaler finds the deal from a motivated seller. 2.Secures the deal with a "subject to" purchase agreement. 3.Flips the contract over to another investor.I understand between 2 &3 the wholesaler is marketing the property to investors, but what is he telling the seller all the while.