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I have a stepsister that I just found out is getting ready to loose her house to forclosure in May. I am not sure as to exact numbers yet but am thinking of birddogging this property to investors but have no dealings with what a good pre-forclosure is. I would personally feel that most people in forclosure have little to no equity in the home otherwise they could most likley refinance?(Am I right?) If this is true than how does purchasing a pre-forclosure property profit the investor, when most people in forclosure owe more than the house is worth.

my only problem with working for an REI is that I already have a job that is coming into the busy season and takes about 70 hours a week, and if I were to rehab I would cut the hours back, but birddogging I could probably start off on weekend and evening huntings also I get Fridays and Saturdays(my weekend) off and could utilize that Friday to do things that I could only get done during a week day. I just couldn't take what would essentially be a pay cut to work anywhere else full time. Right now I'm just looking to supplement my income and hopefully, eventually replace it with a lucrative buisness. Babysteps.

Thanks.

Hey everyone, My name is Karl and I reside just south of Detroit and am tired of putting in 70 hours a week to make others wealthy while I bearly squeek by. Just looking for my slice of the American Dream! Going to start as the small running bird dog, chasing the pack!

I appreciate your bluntness. If the process of actual rehabbing is not a viable option at this point, what are your feelings about bird dogging? I've been reading on that and some people are doing well others, mainly newbies like myself, are not. If bird dogging is a possible foot in the door option, what would be the best way to go about this? I don't want to fall into any of the pitfalls I've been reading about.

Thanks.

So I should first attend an REI meeting than find a house before pursuing financing? How long does that usually take for someone to say yes or no? And how will I know how much house someone would be willing to finance reguardless of the % below market value I can actually purchase the house for? Also by pursuing hard money what kind of percentage rate could I expect, would it be extremely high over the current rate of a conventional mortgage? Alot of questions I know, but thanks in advance for taking time to answer.

What would be the best way to find a reputable hml?

I've been researching this also and have not been able to find a definite yes, but as for building buisness credit, I found this great post which walks you thru the beginning process.http://www.infinitecredit.com/forums/business-business-credit/271-smithdesign-how-establish-business-credit-aoc.html

Good Luck!

Post if your sucessful!

Hello, I kind of stumbled on this site and am amazed with the amount of knowledge of the members here. My main question is this I do not have the greatest credit and have nothing to use as collateral, but still want to get into real estate investing. Are there lenders out there that would consider this as a possibility? Or am I just beyond the realm? Also I am located in southeast Michigan and would really like to hear from others in the area and see how you are doing with the extremly slow market we seem to be experiencing.

Thanks.