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If you have the capital to do it, or a commercial relationship with a lender, look into preforeclosures. I do between 4-6 preforeclosures a month, short term only, main goal is to milk the equity the previous owners built. Information and efficiency is the most important factor, since the market is getting very cutthroat, in chicagoland atleast. I hire college kids to get records daily as soon as they are logged, and feed them to me database format, then automatically fire off a form letter to all potential foreclosures that have atleast 40% in equity in the home. You basically work the figures to your advantage after potentials contact you, key selling points are that you can close on the home in 2-3 days, tops, and you can provide them with a partial amount of the equity they had built.
You may also want to look into REO's.
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