Posted by waynepdx on July 06, 2002 at 13:30:48:
Contact realtors in your area and work with homes that need rehabbing. Then tie them up in a purchase agreement and leave yourself a weasel clause to get out.
Then when you get the property under wraps, market it and do a double closing with your buyer. OR even flip it to another investor for some quick cash.
You do not have to use a realtor to do this, you can just find the homes yourself. I do it both ways. I work with realtors, which bring the deal to me and I go out and find the deals.
Build up your cash reserves and then you can concentrate on the parts of rei that work for you.