Buying Foreclosures, REOs. Short Sales, FSBO, MLS and More

So i've been having some trouble getting started. Im trying to start with assignments so i started looking into FSBO's and all the ones ive seen in my area are all redone and are close, if not at, FMV. So then i started looking into preforeclosures again and went to my local courthouse to find the people working there annoyed and very unhelpful, but did get a website claiming to have all the info. Im having trouble with my comp so i havent explored it in full yet.

Just wanted to emphasize how important it is to remember to use this in your finance arsenol, especially with all ya' all with bad credit and or just getting started in REI

Step#1: The OPTIONEE will pay a real estate option fee or otherwise known as OPTION CONSIDERATION, usually anywhere from 2%-4% of the purchase price.

Step#2: The OPTIONOR grants the OPTIONEE(buyer) the exclusive, unresricted and irrevocable right and OPTION to purchase a property @ a fixed purchase price during the OPTION PERIOD by executing a RE-OPTION AGREEMENT with the OPTIONEE.

I am a neophyte to real estate investing but it has been an interest for quite some time. After learning of the idea of contract assignment, I am ready to get started. I intend to start by buying the right to purchase a property, and then assigning this right to investors for profit.

1)get the Capitalization Rate for comparable recently sold properties in the area.
2)multiply (x) the CAP RATE by the VALUE of the property to determine the NET OPERATING INCOME(NOI) that would be needed to justify the price.

EXAMPLE: a CAP RATE for comparable apt. complexes is 12% or .12 and the asking price for the complex under purchase consideration is $300,000

$300,000 x 12% = $36,000 in NET INCOME that would be required to justify this asking price, CLASS DISMISSED, SULLY

Just purchased Dean's AFF system. I am looking to start with foreclosures & pre-forclosures but I have been told that in the state of NY it is not "legal" to buy foreclosures as investment property. Supposedly in NY the buyer must be going to move into the house. Is this true? If so, how does someone get around this?

If an owner of a property is on the loan by themselves and they have someone else on the deed with them, when they sell is the person on the deed (not mortage loan) entitled to the money they profit after the sale?

I have two properties available for which I own the contract of sale. The properties are available to close immediately.

Trenton, NJ; 2 Family
After Repair Market Value = $156,000
Repairs = $15,000
Price = $85,000

Mt. Vernon. NY; 3 Family
After Repair Market Value = $521,000
Repairs = $125,000
Price = $170,000

Please IM me if you know of anyone interested .

Rose

I live in North Carolina and I went to my towns courthouse; where I found plenty of forelosures. I didnt find any pre-foreclosures, so I went to the clerk of court and asked for pre-forecosures; I was rudly told "we only have whats in the books sir". I then went back to the book with the foreclosures in it. I noticed that some of these peoples hearings were not for a month or two are these the pre-foreclosures that I am looking for or is there some other method I am not aware of. Please help.