That being the case, now you should start running the numbers to see if this property will work well with your business model and your approach.After this quick scrutiny, if you think there is some profit to be made, investigate further by tracking down the owners and seeing if you can strike up a deal!

I have been looking into wholesaling but given that my market is a lot different to the US the traditional wholesaling model isn't really viable here in Australia.So basically what I intended to do was negotiate a property at a discount and then try and flip it to an end buyer who has conventional financing but does not have a sufficient deposit.

Follow the cable tv box model.

From what I've heard your area would be tuff finding better deals than the investors can find, seems you have distressed properties all over the place.While the gurus push wholesale deals as a business model, it's more of a sideline, to have a good steady income you need to be aware of other strategies, not just one.

We set a price and sold the houses exactly as the model was shown.However; in building the spec house we are now doing, we had those same finishes planned, then buyers wanted to add a 12' sliding door, cabinets special ordered from Italy, 2 custom garage doors and front door, and other special finishes, etc.

I'm no mechanic so completely shooting from the hip here, but knowing how much a new car, depending on the model, depreciates just from driving it off the lot, combined with the thousands of dollars it costs for replacement quarter panels, bumpers, trunk or hood, individually, plus $800ish per airbag, plus thousands for the labor, it doesn't seem that impossible to me.

So I've been looking at different rehab models within my area and I think I've uncovered a niche that at first glance seems to have a lot of potential.

A bank takes over a foreclosure and does what I call "puffing" which is filling up the units fast to show occupancy to try to increase the value of the foreclosure sale.The problem is the tenants might have occupied for 30 days or so and a stable occupancy model has not been proven.

Also this is a great business model for investors, it gives them the term to fit their exit strategy and the profit margin they desire, it gives them a long term tenant that will take better care of the home because the tenant/buyer feels like it is their home.Also there are many sources to find landlords for free, and only market to those who may be interested in hearing from you.Good Luck!

Managing repairs can't be done remotely - if you look at auto dealerships as a model, they have "zone" reps to minimize the fraud and the graft - the home repair business is going to be harder to manage by a factor of ten at the least.