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I have purchased many books on this subject and I do have some form letters from the books that are a good base. You should always tweak them and make them your own, but if anybody would like me to fax a couple, I can. Just PM me. My only condition is that if you're in the Houston area, tell me so I don't send you the one I'm currently using. I just sent them out in the past couple of days and a few last week so I can't tell you any response success stories as yet, but I don't want us sending the same letter to the same people. That would just be tacky. :lol:

I think if you invest in a couple of the books that they have mentioned on the site you would have a base. The questions you're asking are basically to have someone tell you exactly how to do it, where to find it, how much to make on it. The people here are very helpful but I think it's unreasonable to think someone can just list everything you need to know and how to go about doing it.

You have to determine how you want to proceed. You want to do flips, what kind of flips? Contract flips? Rehab flips? When you say you'd like to do rentals, what kind of rentals? Are you looking for rent to own like a lease option? Are you willing to get a mortgage on your own and then deal with the tenants without seeing a big payday for a while? Those are possibilities but I don't think I would get into rentals just starting out. Those people that took that route are being bailed out by other investors when they get in over their heads. I'm not trying to burst your bubble, believe me I'm not, but if you get a couple of books and look at your various options and then come back with specific questions, you'll find the info more useful.

There are just too many options and possibilities. You can tell by the size of this forum. It would takes months of reading from morning to night to get all of the information that was here. There are no shortcuts but Finkel and Conti's books are good. Thomas Lucier has some good ones. I'm sure others can recommend those that have helped them. Go to Barnes and Noble or Amazon.com and run a search under real estate investing. Also check out ebay for some of the $3,000 courses that people are reselling from some of the gurus. I got a good deal on one of Conti/Finkel courses that they retail on their site for $2697 for $340. They seem to give you enough info to get started but the rest will have to come from you.

I understand the wanting to learn Edge, but make sure you're not sitting around waiting to know enough. When will that be? Is there a course you will take that once you've done it you can go and make that deal? I am very new to this but have more than 15 offers out right now on REO's and over 150 preforeclosures in the mail. I've been on 5 different FSBO's and made offers on 2 of them. Both rejected. I don't know everything, in fact very little, but I will learn as I go. I've learned the basics and I know my first few deals will be to sell the contracts to other investors to get my cash flow going, but you just have to do it. Take the leap. If I fail miserably (which is a thought I never entertain for even a moment), I'll let you know. But don't let the "what if's" stop you.

Thanks for that. Very good ideas.

I start at 70%

I'd like your thoughts. There is an REO property I have not offered on yet and am unsure if I will. This property is listed at $1.6 million and has been on the market for a while in the Houston area. I have been led to believe that the lender will accept an offer as low as $800,000. Now since I don't have the cash to do it, and I couldn't handle the mortgage pymt on it, do you think it's worth looking for a money partner or locking it into contract to flip it? These properties are beautiful but because of the price take a long to market. It needs very minor repairs, the landscaping needs cleaning up. It would be around $90,000 commission on the sale, I'm guessing $100,000 holding costs because I want to be very conservative. With a possible $600,000 profit, I'm stuck. It's like winning the lottery but goes against everything we're taught. If this thing didn't sell we'd be in a world of hurt.

Great article. One thing I've noticed from my foreclosure leads is that many of the loans were done in the last 2 years with many of the higher loans (300k and above) done just last year. Sent a letter today to one whose loan was originated in 10/2005 and is going to sale on May 2nd. But the majority are from 2003 and 2004 which would fall in line with the interest rate thoughts.

I have, but I find their info is dated. I use a local service that gets the info fast. For example they already had all the confirmed sales from the auction that took place yesterday. I live in Texas, they may be more current in other parts of the country. There were 2 letters I sent out based on their info only to find out those properties had gone to sale the month prior. Foreclosure.com had them listed as "new".

The sales in the neighborhood were between $130-$140 so I was basing that on the most conservative of $130,000. I hear you about not getting involved, but do you know how bad I wanted to scream "Why didn't you call me last week?" Ugh!!!! Well, at least I know my letter works. I had only sent out 7 letters for that call. Today, I sent out 75 so we'll see what type of response I get. If I find another deal with at least 30% profit, I will definitely call. :D

That's a good question, any info would be appreciated.