Well I did it, on 12/21/08, i made an offer on my 1st deal. It is a 3 bed 2 bath 1229sqft home in the neighborhood where i grew up. Was a REO and the asking price was 115k. the house needs alot of work so I ran the numbers and came with an offer of 80K. I figure I can either assign the deal to an investor I know for around 100k or I can fix it up a little on my own and rent it out and cover the mortgage payment and have some cash flow, then sell it when the market changes. Either way i am happy I took action.