Hello Everyone
I`ve been reading and absorbing as much as I can here.. GREAT SITE!
Im in the Chicago area and I think pre foreclosure and foreclosure are gonna be my thing.
I own a family run HVAC/appliance company in the Chicago suburbs, I am very handy and have many tradesmen as friends.
If I could pick up some property and do some rehab i think there`s some $$ to be made. I can get any appliance and HVAC equipment at cost and install is no problem which i think is a plus.
I`ve been trying to educate myself and want to get my feet wet. At this point I have $55,000 from a home eq loan and the posibility to get another $40K if needed.
This week I`ve been contacting banks to see if they have any property they want to liquidate.
Also been looking to attend a few DuPage County Foreclosure sales to see how all that works.... There is one property (townhome) I~m interested in a very hot area right now and from what I~ve read here I need to contact the Recorders office to do a tittle search and try figuring out how much equity there is. ( I have a friend who can do this also but hate alway bothering him since he has answered so many question and given lots of to go on)
He also told me to make sure the bank is the first lien holder.
I`ve tried contacting the attorney but haven`t gotten any response.
I~ve checked out the Townhome and it is in good shape outside.
Maybe a free furnace tune-up will get me inside 
So basically I`m wondering if there are any deals at banks and weather I should keep persuing that route.
I~m told most of the good deals are already scooped up by investors that are in good with the bank. I~m only looking to make a few bucks so maybe there are some ORE`s left over that aren`t as profitable for the big boys???
The president and vice president of a bank do come into my mother-in-laws salon.
They have known my wife a while maybe I can play nice?? 
Any other advice would be apreciated..
thanx.
I have another question...(remember I`m a newbie )
With all these foreclosures how come people just don`t sell the property before it gets to that point?
Say a house is worth $250K the payoff is $130K and it`s going into foreclosure... why doesn`t the owner just sell at $220 and make some $$$.
??
Pre and Foreclosure are tricky beasts, when you deal with the sellers, there is belief that the 'financial fairy' will smitten their checkbook or their next payroll raise will get them back on track. The seller is embarrassed and in denial. Next we have the lenders who know all too well the foreclosure process, hire attorneys to deal with the laws and deadbeat home owners. So what is the investor to do? You must attract the seller and sell them on the notion that you may save their most valuable asset. Their CREDIT! Give them the worst case scenarios and remind them that you understand that mistakes of the past will all be diminished over time.
As a real estate investor, you should affiliate with other investors. You can learn from them and teach your sellers. Check the links above and get involved in the local real estate groups. That will be an invaluable investment.
Eric & Rosa
[addsig]
Hey Bolingrook .. right next door. I had my first house there!
I hooked up with a friend who works at the Dupage County Clerks Office and he showed me some great potential properties. All the foreclusures pass thru his hands first plus he know all the right people to do the research and what not. Gonna have to cut him in but definately a good contact.
I`m trying to get more $$$ together at this point ....
thanx for the response..
BTW,I`ve gotten nowhere with the banks and lawyer offices I`ve called...
Guess we`ll see...
Another thing is, when you deal with houses that size, not too many people can qualify for loan like that.
I`m gonna start out with condos and townhomes first.