I don't mean to go against the grain of those who are selling that idea - all I can say is that it did not work for me.So.......... back to taking seminars, buying cassette tapes and books - I wanted to learn everything I could about investing in real estate ---- so--I had to get money, working capital, and I needed to go on the cheap - A friend told me about cheap properties you could buy in Baltimore - houses for only $2-3,000 and many of them could be found at public auctions.After borrowing some money and getting some credit cards and a new job - one in sales - I was ready - ready to invest in cheap- junk properties in the City.And wouldn't you know it - I got lucky at my first auction and purchased a cheap house that was boarded up - Because of all those expensive seminars I enrolled in I WAS READY - prepared with my pry-bar, flash light, level, marble and probe - I decided to go to this building that was being auctioned the next day - I sort of removed some plywood and crawled through a window to take a look -Boy was I surprised - this place looked great - I later found out that the estate boarded it to keep squatters out.The next day - I was ready with my deposit and waiting for the auctioneer to start his melodious hypnotic chant - 5 bidders appeared but did not bid because they could not get it - I was the only bidder and got the house real cheap.Today as an auctioneer, investor and developer of commercial properties - if someone would ask my opinion on how to get started I would suggest ---Continue to study but learn how to cut through the BSGet a credit line Learn 20 creative financing techniques - no money down systems (that is none of your own money)Hang with a few successful investors and pick - pick - pick their brain*** Look at 50 houses in the area you intend to invest (not expensive, blue collar, mixed rental and home owner neighborhoods)When you are finished looking at 50 properties - you will be armed with knowledge that most agents and other investors don't have - knowledge of values -Keep a journal, put listings in it, write down everything the agent or owner says, keep a record of the cost per square foot - this will help determine values -Have agents send you expired listings - go knock on the door or send a letter to ask if they are still accepting offers on the property - Remember an expired listed is a property that failed to sell - the seller should still be motivated to sell. 

And yes, the seller will take some of a credit hit.  

By the time you add closing cost etc $15k is a very thin margin were something to go wrong or your estimate being off.Have you tried to get the seller to do a loan modification?

The buyer is required to give a seller the option to fix those items on the report.

I would focus more on getting motivated sellers than I would about equity.  

I think Texas is a very tough buy and hold market because of escalating property tax's foundation issues and herd mentality of investors creating demand that would not be their organically.

We too have a couple seller finance homes & want to look for the software you seek & compare to cost to service.

If the amount of money I'm making on the deal is less than $10,000 I get them to sign an assignment agreement and they close with the seller and the title company pays me my assignment fee. 

Should you get a property under contract if the seller still has a mortgage?

Hello everyone, I'm a real estate agent located in serving the needs of luxury and move up residential buyers and sellers in the Greater Indianapolis area.