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

I'm getting started, and I have looked at 10 properties so far, all foreclosures. I am trying to find the Inspection Checklist that I had seen in my Property Eval. & Making Offers course but have had no luck. I started my own but I want to be certain that I don't forget anything. I want to be as thorough as possible when I walk through a property. If anyone can help I would appreciate it.

Thanks,
Peter

I'm looking to "partner" up with an investor in the greater Phoenix area. Although I've taken several realestate courses, other than buying my own houses, I'm new to investing. There have been numerous "good deals on REO's, but I've been unable to do the deals because of financing. I'm willing to find the deals and tie the property up, and lease to own after completion of sale. I'm willing to share the profits made between the buy price and mortgage price with the investor. It's a win-win proposition for both of us.

I have been checking into the short sale type of investment. It is a general rule that the bank has to approve the final offer. Is it true that it takes generally two to three monhs to get a sale closed. From the time you make an offer to close?

Locking-Up Deals

This information is based on the Think a Little Different course, so if you have the course you can reference the material mentioned. If not, you can ignore those parts.

The following steps will assist you in locking up a property for 30, 60 or 90 days and re-assigning it to an investor.

Step One

Finding Great Investment Property

Using Dean's "Think a Little Different" Real Estate Program To Help You Find Property

I have outstanding credit (774 - 796) and about $10K in the bank.

I own the condo I live in and paid zero down in April of last year and still owe about 99% of its value. I also have student loans amounting to about $80K.

I have been continually turned down for financing options from banks because they want more money down or do not like that I am self-employed (even though I make twice as much now as I did a year ago).

What should I ask differently, or what should I do that I'm not doing?

Thanks.

Is lease-optioning w/assignments (wholesaling) a viable strategy here in the Midwest, namely the Chicagoland area?

Which are the BEST types of assignment deals? Pre-4? Foreclosures? Estate Sales? Probate?

What is the best method for creating a buyers’ list and what should I ask to qualify them?

I BOUGHT DEANS BOOK A COUPLE OF MONTHS AGO...I HAVE POOR CREDIT DUE TO RECENTLY LOSING MY HOME TO FORECLOSURE. I AM TRYING TO PURCHASE PROPERTY USING A LEASE-OPTION DEAL. SHOULD I BE UP-FRONT WITH THE AGENT AND JUST TELL THEM ABOUT MY LOSS - OR WILL THEY FIND OUT ANYWAY? OR DOES IT REALLY MATTER? I WANT TO ASK FOR CONCESSIONS DUE TO THE PROPERTY BEING IN POOR CONDITION. IS THIS REALLY FEASIBLE USING LEASE-OPTION? SHOULD I SAY I'M AN INVESTOR OR THAT I WILL LIVE THERE? CAN YOU GIVE ME ANY OTHER INFO THAT WOULD BE USEFULL?

Dean, Looking for some advise, I have an opportunity to purchse a home before foreclosure, owner is ready to walk away, I'm in the middle of refinancing my home & will have some cash. her loan is not assumable according to bank, they want $12,000. prepayment penalty. I can purchase home for $462, she owes $450, w/prepayment, value now is $540, last yr value was $680, Im a contractor & recently did over $60, in improvements on this house, (term. work & windows ) She has run into financial problems. I also consider her as a freind & would like to help her as much as possible.