Ok so I'm looking for a property for myself to live in.....I currently have one that I bought at 60% of market, so I've got some equity in it......Plan to sell it as soon as i find another place to live.I'm real new to REO's, and was just looking on yahoo and found an REO that just came up in the area I'm looking to move to.Now I did some research, found some info on realtytrac, and the other through my local tax records......says it was sold to Groff Real Estate Investments on 7/30/07 for aroudn 200k.....it just became listed on realtytrac from what i saw (just signed up for the free trial to get the parcel ID)Guessing its too late for me now to do anything?

There could be variations that are better for you than wholesaling.John Corey

I know this is truly trial by fire, but he has insisted working without a net is the best way to do things.

Now, I'm realizing that rentals and foreclosures may be the way to go.The first thing I did to get started was to sign up for RealtyTrac's free 7 day trial to see what's out there in my area for foreclosures, and get a couple books from my local library on real estate investing.Somehow researching online led me to your site.

Not bad but still the cash is locked up so not available for use somewhere else.There are variations.

Does anyone know if loopnet has a trial period?

Both the rule of thumb cited here, "pay for itself in three years" and the "2% rule - monthly rents must be at least 2% of the selling price" are variations on GRM or Gross Rent Multiplier.

This is not a one time trial for me.

And, save alot of trial and error.

I do understand the theory of the IRR calculations, not too many people know how to actually calculate it (it's a strange trial and error calculation best left to a financial calculator).