So there is this local bank REO property I am trying to acquire. It is pretty run down and disgusting. I just viewed it with the realtor who is listing it. It's the worst of the worst and plus there were like 20 people living in teh house and apparently thought it was a good idea to build 2 more kitchens in addition to the one that the house already had. Needless to say there is fire damage to the frot part of the house, but the rest of the house is ok. It is like a perfect rehab property, but I don't have the funds right now to rehab it, nor can I find a HML that will lend based on equity and not credit so I am going to try to wholesale it. I don't know how to do that yet, but i'm going to try to talk to some people and find out. The bank wants a $1000 deposit with the contract. I have some money coming in so I'm hoping to be able to use that for the deposit (depending on whether I solidify my exit strategy first or not. I may just have to refer it to another local investor).

-KJ