All Forum Posts by: Marcus Squires

I'm a bit confused about equity when it comes into wholesaling so I wanted to present a scenario where the seller has 30% equity.

Sellers remaining loan payment: $140,000

ARV: $200,000

Repairs: $20,000

Closing Costs: $5,000

Wholesale Fee: $5,000

Flipper Profit: $25,000

140,000 + 20,000 + 5,000 + 5,000+ 25,000 = $195,000

200,000 - 195,000 = $5,000

So in this scenario would my maximum allowable offer be $5,000?

What would the flipper be looking for here?

I'm I thinking about how to calculate equity correctly or am I way off?

Thanks

Yes I meant notice of default, once the notice of default is filed the property is in preforclosure correct?

Thanks Dion DePaoli for the helpful link

Hello BP I have quick question.

When the notice to preforclosure is given how much time does the property have until forclosure?

Thanks for the advice everyone has been really helpful!

I have a feeling capital one is going to deny me so I think I'll apply for a secured credit. I don't intend on having any debt and I mostly just want to build credit.

Again, thank you very much!

Thanks I'll look into it.

Hello, 

My name is Marcus I'm 20 years old and have had trouble starting credit. 

I have applied to a few credit cards in the past; Discover it and Chase Freedom but no success. I have a low paying part time job which my be a detriment to my acceptance.

Does anyone know how I can start building credit or point me to an article or book that can help me?

Thanks