I have had leads however they were all either upside down or have done enough renovations recently to suck the profit potential out for themselves.

If you don't have a buyer, maybe tell him you'll keep his offer in mind if you run into anyone who would be interested at his price, but it's unlikely as you work mainly with investors who are in business to make a profit, not owner occupants.

Do not attempt to obtain financing from a third party or the seller.Your offer takes into consideration the amount of the taxes owed, any repairs and upgrades, all the other costs necessary, then rent/sell the profit and get a good return on your investment.

All in all though, think we raked in a solid deal.Please review my numbers and let me know how I did.Purchase price: $92,900 (all cash)Closing costs: $1,800 (inspection, survey, etc)Renovation costs: $22,000Holding costs: $1500 (utilities/taxes/insurance)ARV: $160,000Closing costs: $8000 (realtor commissions)Net Profit: $33,800!

The net profits (hopefully, losses if not) from the property get distributed to the equity investors.

Before my first venture, I spent hours and hours analyzing deals, evaluating every what-if angle imaginable and accomplished nothing but creating anxiety and allowing profitable deals slip through my fingers.

Even at 100k all in that's still 60K+ in profit!

Michal Sieczka, here's my advice to newbies.Work for an experienced investor and agreed to be paid commission or profit split.The experience you will get is much more valuable than all the real estate seminars you will attend.

(Needless to say, this is not-for-profit and so there is no membership fees...just the cost of lunch and gas).For example, I volunteer to help anyone who is interested in wholesaling houses and buying apartment buildings.With so many Chicagoans joining BP, I think this meetup group will have enough critical mass to be of valuable help to its members.Thoughts?

Just like all of the communist and socialist, government owned enterprises found around the world, Bank of America is no different.