Hi everyone, I thought that it would be instructive to resurrect this thread and give a followup of this investment that I made 5 years ago!

-Seller says he could help mentor me a little and has a "well experienced, wonderful" woman running all of his tenant screening, leasing, evictions, county code issues, etc.Come on now fellow entrepreneurs and investors, you haven't failed me yet!

I've done that for some things, such as giving the tenant a new cutting board at move-in and having instructions in the property rules about proper use of cutting boards and care of counter tops.

The other 150,000 is forgiven or they will go after the former owner if they are allowed to by federal and also state law.If you are buying at the foreclosure auction the starting bid price is whatever the lender or bank instructs their attorney to start out at.

Lending to a wholesaler or rehabber is no different than lending to any small business owner or entrepreneur - you need to prove to me you are a relatively safe place to put my money.

When you assign the Option to your wholesale buyer, you get paid now and the assignee (new Optionee) can exercise the option, sign the PSA as the buyer, and close the deal.Either way, ask the seller to sign a non-fiduciary disclose statement that he understands that you are a professional real estate investor/entrepreneur and that you intend to earn substantial profit by entering into real estate transactions with him.

Interesting AMA article on that http://www.amanet.org/news/AMA-2010-critical-skill...See my collection I am building http://bundlr.com/b/sales-and-persuasion-skillsI love entrepreneur magazine and inc magazine. 

Trying to avoid unnecessary charges.I have received some instruction to call around to banks and give NOI, Location, etc. and get an idea on Cap Rate to see if I'm close.Does anybody else have any suggestions as to how I can get a good evaluation and decide which route to pursue??

A good instructor will put all the pieces in one place and give you step by step instructions on how to do it successfully.

One of my friends, also an entrepreneur that owns several businesses, is currently rehabbing a plane.