Southern California Newbie!
Hi all! I am very new to the forum. I am 23 and am looking to seriously get into real estate investing. I am most interested in doing pre-foreclosure and foreclosure properties as my husband and I have many "handymen" skills and we have a lot of connections for cost effective high quality repairs. However, both of us have poor/bad credit, outstanding debt, and I am just barely getting by with bills each month from our jobs. I just finished reading the one minute millioinaire and am very inspired. Back when I was 17 I got the Carleton Sheets no money down program, and have done a lot of research over the years. 
I am now at that point of needing to take the next step but I am wondering with my current situation, can I really get approved to get a home. Will hard money lenders really loan to me? Can I get a home for 65% or less of it FMV or is that just a myth? Are there any mentors out there who could help me for a piece of the pie? Please. Thank you!!
Well scooby,
First off welcome. You will soon see that you have come to the right place.
I would first recommend maybe birddogging a little to build some experience and get some cash to fix you credit up.
Next you will see that there is more than one person on this site that could probably get you financed.
Since you know exactly what area you would like to go into in REI I would suggest reading every article you can on this site. You will gain alot of priceless information there. You've already started making the right steps though cause you're here and you're asking questions.
You should also join a real estate club in your area and start networking. Thats another way to find tips and tricks and maybe even a place to finance you on your endeavors.
Good luck and welcome
David
Thanks David!! Also, I was wondering I hear about a lot of people that offer 50/50 split on the profits with the investor/lender. If I was interested in doing that and offered like a 60/40 or 65/35 split, would that work also? Thanks again!!
Yes that should work. It really depends on the investor and what you negotiate with them. The split is usually through a flip so if you're talking about birddogging then thats not the case. When you birddog you get an amount paid on every closing. That could range from 500 to 25,000, just what ever the investor is offering. The key is to learn though. I think you are talking about flipping a property though and if so then, yes you can negotiate the profit split. Usually though, the investor will not go for anything over a 50/50 split his way.
Once again, hope I helped, and if you need anything, feel free to e-mail me(see my profile) I'm kind of new to this but I've done alot of research and I can give you some moral support since you're starting out.
Good luck
David