Starting out Q's
BiggerPockets has been by far the best resource I've had for RE advice. I've got a few questions I'm trying to get the kinks out of before I go full force.
I'd like to get into pre-foreclosure / foreclosed homes. My capital is limited, so I figured I could wholesale some deals - and that would help me out getting my feet wet.
I know in wholesales, you must get the house under contract for a specific price, and then contact your list of investors to buy. I'm building my list of investors right now. Once you have the investors, and you start finding property... where do you get the contract from? RE Lawyer?
Also, I've heard that many title companies stay clear from dual escrow deals due to the high chance of fraud. Is this committing fraud by dual closing without a broker?
Here is my situation: I've got a pre-foreclosure on my hands right now thats got about $15k in equity in it, and they want around $87k to walk away. I'd love to jump on this because the area is great, and home values are increasing - but I have no investors in this city yet! Could I bird dog this deal and hook someone else up? Where could I go to do this?
Thanks in advance, I'm sure I'll have many more Q's. Tomorrow I'm heading to my 1st foreclosure auction - just to get a feel of things.