Wholesale Property with Mortgage
Good Evening, I am new to real estate investing as a wholesaler. I am getting great information from BP and I am learning a lot but I have a question....
How can you wholesale properties that still have a MORTGAGE? It seems that this will be tough to do if the property value is low but the Mortgage is high. Is it even possible to do with a mortgage? Thank you again.
If you have an example it will be greatly appreciated!
Most Popular Reply
@Evan Poole It's ok if there is a mortgage on the home. However, home owners with more equity in their home (a smaller mortgage) may be more motivated to sell since they would get a huge chunk of cash if they did. Additionally, if their mortgage is higher than their home's value, that means they are 'under water' and is usually a more difficult decision to deal with. Start with sellers who have at least 50% equity to be safe