Lost and Confused...

I suggest that you first pull you credit. This way you know if you can qualify for a bank loan or not. I you cannot qualify for a bank loan I would focus on seller finance-able properties as well as lease options.

When I know what I CAN do to buy I would start looking at the different avenues to understand the market. First I would ask a "good" Realtor to provide for me a market analysis. This will give me a lot of information about common sales, time on market and so on. From here I can see what properties may be best for me (of course my income and budget will also come in to play).

Once I know the market and the availability I have for financing I would start making offers, lots of offers with contingencies to make sure I can get out if I needed to.

Well, I already know what I am up against as far as my credit (very poor) and my finances (0) goes--still, I see so much on here about people getting started out where they did not use their own finances to purchase a property. All I want to work on in the short term is purchasing a house for me to live in (currently I am in a motel room paying $175/wk and my unemployment is $188/wk)--originally I was looking into HUD properties but some of those seem a bit more involved than I originally thought. Any good suggestions would be greatly appreciated!

nate is very knowledgable and gives great advice!! lease option sounds like the path here as u may not have a down payment it will be even hard to get into a lopt.If you can find or do have a down payment then u must network with realtors and ANYONE in the real estate market such as a club or other investors to FIND a seller that is very motivated to hand off a decent property for you to take over.Ther are many people out there that r looking for someone like you right now and u need to find them.Make it your focus and drive to keep learning agout this on here and get out there and find that motivated seller.They r out there waiting for you to take over their payment now u just need to locate them.
good luck and keep asking questions on here,i am sure you willl get more valuable advice to help you make it happen !!
jay

keep us informed on your progress

thank you for the advice & info--right now i am re-reading Dean's book (Profit From Real Estate Right Now) plus I got myself a notebook to jot down things that I picked up on or noticed in my day to day observations. Currently the owner of the motel i stay at is letting me help out temporarily overnights (M-F 11pm-8am) which gives me access to the Internet (no Web access in my room--have to use it in the lobby only) and allows me the opportunity to be able to get caught up on Dean's video blogs. I figure if I can do that every night that I work, that should go a long way towards helping me at least try to get somewhere.

I am a bit confused however--when you say "lease options" are you referring to a Rent w/Option to Buy-type setup? I saw one just the other day in my travels that looks like it would be OK--problem is the neighborhood is really not the greatest. I don't expect Beverly Hills but I certainly don't wanna try to get anything in Compton or the South Side of Chicago either.

One more thing: who is this nate person that you mentioned? thanks for the encouragement!!

first,keep taking action on your rei dreams,no matter how big or small just take some action every day and you will find yourself realizing what you thought impossible to BE POSSIBLE !!!
this nate guy is an awesome coach that responded to your post ...nstreet....is nate street.
yes the lease option is like rent to buy.
it is a lease with an option to buy the property.you can study how it is done on this site in many posts.just search lease options in the top left search box that has the magnify glass next to it !!
keep striving every day and do not lose your determination under no circumstance !!!
good luck you can make it happen if you want it bad enough !!!!

jay

...for all the encouraging words that you have put forth, Jay--sometimes I feel like I am in way over my head on this but I also realize that this may be the best way to get me out of a messy financial situation (some of it self inflicted, a lot of it collateral damages, and some of it a "HUH? WHAT HAPPENED HERE?" type deal).

as for the house that I mentioned--I need to do some more investigating as far as that goes...since the neighborhood is not one I am enthused about, maybe it would be better suited as a possible rental property for me. But I need to check it out a little bit more.

Thanks again!!

you might try having your agent(s) look for a duplex or triplex in a neighborhood that is suitable for you temporarily...ideally with owner financing AND tenants ALREADY in the other unit(s). Their rent might even cover the mortgage and you can always "break" your lease with "yourself",rent that unit and move to another better place. Be sure your contract allows you to move at anytime,if necessary.

Hope this helps inspire you!!

CW

...i will defintely start trying to find more duplexes/triplexes (I used to rent a duplex and I also used to live across the street from a house that was converted into a triplex) and see how much work I would have to put into them--hopefully i can track one down that fits my criteria.

I'll make sure to keep everyone posted!!

well actually my posting is called "lost and confused"--my screen name is missgee64!! LOL but it's cool since I knew what you were referring to!! and thanks for the encouragement!

Read Carol Stinson's story. You could become a "bird dog" locate properties for others to get started... You can do this and get paid for doing it! You say you see a lot of properties that are vacant...find out about your market there ex. what properties are selling for not what they are listed for. Find a Realtor to help you get the comps in the area. Look for a Realtor or a Broker that wants to work with Investors (by the way that would be you). You are a Real Estate Investor! Be...Believe...Become... Once you know your market, start building your buyers list...you will find lot's of info on this website on doing that. You can get paid for doing that!
Have faith and believe you have achieved, nothing is impossible!
Barbara