Newbie Needs Advice From All Investors
Hello,
I am a newbie investor in Maryland with a 40,000 LOC and credit score of 710. I am primarily interested in doing Preforeclosures but would like your honest opinion as to whether this will be profitable for me based on the information given. I know there is still alot that I need to learn in order to close the deal but Im am a little nervous as to whether I have enough to get started. Im sure I will be fine once I close the "first" deal but getting started is the problem 
By the way, I have my preforeclosure listing and I am scheduled to go to the county recorder's office tomorrow for detailed information...ie...default amts, etc. Any advice anyone has is appreciated..
WayneOne,
You.ve got no problem with your credit score. The rest of your post lacks specific information. I'll try and answer it generally.
If you're going to find "motivated sellers" that are behind in payments, negotiate with the Homeowner, bring the payments and penalties current, and take the property Sub2 I would say you could do several at first.
What is your exit strategy? Give us more info and we'll try and help. Good Luck.
Dave
[addsig]
I would really like to do a sub2 and then resell the house. It just seems to be too easy...I feel as if Im missing something from a legal standpoint. I have sent out quite a few letters to prospects who are in default. Too soon to hear back yet. I also posted a message in the Lease Option forum. If you get a chance, I would appreciate your advice on that. In terms of sub 2s, I guess Equity is what im looking for. Should I steer away from those properties with little to no equity or is there a way to make a "good" deal when no equity is involved.
Sounds to me like you need to gain some more knowledge in the techniques you wish to use to aquire properties.
You need to understand lease options, Sub2, and short sales if you are going to be in the pre-foreclosure/foreclosure arena.
Good Luck.
Dave
Your LOC of 40k , is it with a bank ? if so what interest rate will they charge?
LOC is with my credit union....prime interest rate 4.75
Thank you.