He says that if it is, you have legal leverage to go back to the bank & have them adjust the loan.

Hi everyone! Ok, say I wanted to get started in wholesaling yesterday, and am just seriously looking to get just one deal under my belt as soon as possible, for both cash and credibility. What would be the one, singl...

BiggerPockets.com is a great place to educate yourself and ask questions of those people who have experience.Good luck to everyone, and sieze this opportunity to build wealth in the current real estate market!

Examples like this of leveraging your time would really reduce the time you spent searching for deals as others are doing a lot of your dirty work for you.

(example, real estate can be leveraged more, stocks have lower transaction costs) From the biggest to the smallest differences.

He has offered it to my wife and I to leverage into a larger home (if we cover his costs).

IMO if you are educated on the basics of construction/home improvements then save the $ for real work that needs done.

Instead of giving him a Quit Claim Deed I would have signed a mortgage to him "due upon sale of premises" to minimize his potential leverage in this situation.

In there minds the home is over leveraged and 'the bank will never accept that much less'.

In the last 6 months I've spent most of my time with him educating him and talking him out of a bunch of "deals" cause they're not really deals at all.