If you're confident that you will close the deal, you should be willing to give them some money upfront so that if you back out they don't get completely screwed.And far as the buyer goes am I just asking for enough earnest money from him/her to cover the title and paper work ($250 or so) because when I give the buyers earnest money to  the title company they use it to pay for the title search and cover any additional fee's, then they will call the buyer and the seller and tell them to come down to the office and have the buyer pay at that time and close? 

You will receive an Addict award along with a habit; as well as learning and retaining useful real estate information without struggling.We are considered to be the average of the 5 people we spend the most time with so connect with REIA meetings, accountability partners, and mastermind groups to engage with individuals interested in real estate investing.At the bottom of this page is a list with help in it.

Now, you simply have to work on the other elements to progress your REI pursuit.Ok, now that you have taken your initial step, below are some quick links to get engaged. http://www.biggerpockets.com/starthere http://www.biggerpockets.com/ubg http://www.biggerpockets.com/meet Setting up Keyword Alerts How to Use @Mentions on BiggerPockets 25 Tips for Real Estate Success However, this site thrives on interactions and as such we encourage two way exchanges and look forward to educational and thought provoking ideas relevant to REI.

It's good to see that you have a strategic plan and willing to give up your evenings and weekends in an effort to achieve your goals.Don't get overwhelmed by the massive amount of data archived on this site.Simply, bone up on the areas that you need to expand knowledge in such as, Forums,Marketplace, Learn, Network, Analyze, Resources.Feast on the Podcasts, #askbp Podcasts, blogs, webinars and the myriad of bookrecommendations.Also, you can review the quick links below to help solidify your grip on this site. http://www.biggerpockets.com/starthere http://www.biggerpockets.com/ubg http://www.biggerpockets.com/meet Setting up Keyword Alerts How to Use @Mentions on BiggerPockets 25 Tips for Real Estate SuccessAfter becoming more knowledgeable and confident because of my above suggestions, take action to snag your first real estate investment deal if new or add to your existing holdings if you have prior experience.Don't get caught up in analysis paralysis.You must immerse yourself in the RE marketplace locally in your neighborhood or afar if the situation warrants it.Take calculated risks if needed and you shall be rewarded!"

To make a long story short, all we were taught was how to fill out contracts, how to use bandit signs, & how to put offers in on the MLS for distressed or REO properties.This all happened over a course of about a month, but in the meantime I found this site, I started listening to REI podcasts on iTunes, and my knowledge and confidence level went up astronomically.Would I suggest the guru courses, HECK NO!

Be sure to stay engaged on the Forum and take advantage of the resources on the site.

Assuming that my ARV is correct and I'm not terribly confident it is as we're total newbies, I think that we might be able to get right around the $200k mark with some sweat equity in projects that we can do, modest kitchen upgrades (counter tops, backsplash, possibly replacing some cabinet hardware), and modest bathroom upgrades (tiling the floors, replacing the sinks and vanities).

I do see some of the advantages of this strategy but originally I was fine with my tenants knowing that I'm the landlord because I'm confident that I can and will screen and vet the applicants well.What do you guys think of this strategy?

I don’t regret it for one second, as I now have the confidence and experience to be that much better on the next one…and the next…and the next…and the next…While harder to find deals in this mkt, they def exist.

You can use the newfound knowledge to lock it down for yourself with confidence on the next one.