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To: John Vosilla who wrote (947)	7/7/2007 10:23:43 AM
From: CapitalistHogg™	Read Replies (3) \| Respond to of 1718

Thanks! a friend of mine approached me the other day expressing interest in forming a partnership explicitly to find and purchase distressed property. neither one of us have much experience in RE, however, we do know the market (Minneapolis) very well. it was my idea to try and find homeowners who are perhaps in financial straits, but who have not yet gone into foreclosure and arrange a mutually beneficial agreement between us. i've heard that trying to purchase property that has already been foreclosed was a real pain in the arse and that getting property before foreclosure was the way to go.

To: John Vosilla who wrote (947)	7/8/2007 8:23:12 PM
From: SouthFloridaGuy	Read Replies (1) \| Respond to of 1718

So went house hunting today on the North Shore. As someone currently renting a house, I have a decent perspective on what fair values are. My bids appear to be 5-15% below the "lowest" acceptable bids (i.e. something asking 100k, owner will take 90k, I am offering 82.5k.). Right now brokers out here appear to be playing a game of list high because they know nobody will pay ask. Some buyers are taking the bait because the economy is still good and all the areas I am buying are prime. So we'll see. Inventory wise, we're probably at least around 10-11 months which means price pressures exist. Unfortunately there is still little forced selling which is what it takes to get values to where they need to be. I'll take a pause until after the school season starts and see what scraps are left.