Im still working on getting my first deal and its driving me crazy. I discovered a way of finding other investors by going to our states website and it lists all investors that offer section 8 housing with their name and phone number. Now in Michigan there is a foreclosure on every block because of all the job losses. So as I call all these people and ask about selling their properties and or buying more properties i get the majority of them saying "Why do I need a middle man when I can just search for the deals myself because the foreclosures are so many". I explain to them the more resources the better. But in this area of Ann Arbor and Ypsilanti, Mi. Wholesaling seems to be very hard because the foreclosures are many. Maybe i need to change my strategy to lease options. I like the idea of wholesaling because their is no responsibility, once the deal is done, its done. lease option you have responsibilities as a property manager to the current owner and the lessees.
I have a good credit score myself but I bought four rental properties a few years back with a sub prime loan in bad areas in Detroit, which turned out to be a horrible Idea and had them all foreclosed on. So me going to a bank and getting money for a cheap foreclosure would be non-existent. I will try it anyway, all they can do is say no.