Also, someone that has been in a property for over two decades and is willing to sell at this steep a discount should pose a flag.There are very few reasons why any rational person would undersell their most valuable asset at such a dip in the market?

This is a great discussion with many valuable insights.However, Jaden's comment is, IMHO, the most important.The 70% will not protect you in this market.

While I really enjoy working with realtors and real estate attorneys, I am looking forward to understanding the mindset of investors in determining whether or not a property is a good buy.I probably won't be posting very much unless I have something valuable to add.

As much as I like BP for the valuable real estate insight is provides I would hardly call it a representitive sample of a cross section of America.

[or entity] who with the intent to collect or receive a fee, compensation, or valuable consideration, sells or offers for sale, buys or offers to buy, provides or offers to provide market analysis, lists or offers or attempts to list, or negotiates the purchase or sale or exchange or mortgage of real estate, or negotiates for the construction of a building on real estate; who leases or offers or rents or offers for rent real estate or the improvements on the real estate for others, as a whole or partial vocation; who engages in property management as a whole or partial vocation; who sells or offers for sale, buys or offers to buy, leases or offers to lease, or negotiates the purchase or sale or exchange of a business, business opportunity, or the goodwill of an existing business for others; or who, as owner or otherwise, engages in the sale of real estate as a principal vocation.

The reason is pretty simple: with wholesaling, you learn the very valuable skill of being good at finding properties that can be acquired at a steep discount (30% to as much as 70% discount!).

It is starting to make more sense and I appreciate the valuable input.I still have my confusions regarding the two different contracts(between myself and seller, and myself and buyer).

Again, I thought all the posts here were valuable and useful to the poster, but I guess he disagreed.Just thought I'd share some of the fun things I deal with thanks to you guys :wink:

Bill, I think you are onto something here; whenever something is repeatedly posted, that means it is in demand and should be treated as valuable info.

My PERSONAL credit is great 750+.Condition: It is primarily a steel structured building and no one that I talked to (4 tenants) have any complaints about it.