This would definitely increase your cash flow position and you would have more skin in the game for the mortgage lender.A couple years down the road, you could do a HELOC to pull cash out for your next wealth-building purchase.Good Luck!

Hello to all of my fellow investors! I've been looking for an inexpensive bidding software for a while now and am excited to say that I finally found one that actually covers everything I needed. Hopefully it can be o...

To me, that is the difference between a "wholesaler" and a scam artist playing games with peoples lives and their home.

I see a lot of talk in the forums about the different property management software programs.

@Lynn M.I will agree that a tenant with good credit is better and playing the waiting game is a better strategy for many property owners, especially for properties in high demand.For those who own property in less desirable areas where the applicant pool is smaller or in situations where paying the mortgage without collecting rent would put the owner in a bad financial position, I think simply checking for judgments and criminal records is good enough.Of course I'm willing to accept a higher degree of risk than most property owners because my costs are lower due to the fact that I process my own evictions and many times do the clean-outs/repairs myself.I've learned that it is good idea to at least check for non-existence of rental judgments because that is a sign that either they will leave the property when asked or that they've never rented a property before in their own name because they are young.

In order for both side to have “skin” in the game I have either a $50 a month pet rent OR one months security deposit.

It's truly a numbers game.

However, you can do the work now and get yourself set up for when you do have the cash and graduate college you'll be way ahead of the game.

These are merely suggestions , since i having started working it per say. re: the hang ups unless you want to call and directly say something like " I see i've missed your call do you have a house to sell" i would simply send another letter and maybe an experienced wholesaler can chime in here but I don't think you should send the same letter.As for the problem of not closing i guess you can chalk it up to learn curve. it's a numbers game (or so i'm told) so keep trucking

If you know your end game and you know how to get there with means (money, time, lawyers, brokers, agents, BPers), go for it.