Wholesaling: Roughly How Much Equity Needed?
Hi everyone,
First off thank you so much for all the helpful answers I've received recently, I'm getting closer and closer to getting a decent understanding.
Anyway, enough of that mushy gushy stuff! I live in northern California where the houses are expensive and prices have a big range (300-600k for the ARV). I want to gain the ability to determine for my market the amount of equity I should have in a house in order to get it under contract. Someone recommended targeting houses with equity%>60% but after I get a house I'm interested in pulling the trigger on I'd like to be able to determine with more accuracy than just a generalization.
I figure Ill just use my wholesale formula to determine the equity needed but that is different for each buyer (flippers). Can I get a guideline for determining the equity needed for a house based on its ARV?