All Forum Posts by: Cirilo Villar

@Cirilo Villar Equity is the difference between what the home could sell for right now and the total debt on the property. You dont need 100% equity at all, most properties that you will encounter as a wholesaler are going to have some debt. There isnt a magic percentage where if its X% equity then its a deal but if its 1% more than that it isnt. It really depends on the situation and the exit strategy of your end buyer. For example, I had a house last year that technically had no equity because the seller had done a loan modification and there was a 50k balloon payment due after the maturity date of his loan. But his loan terms were fantastic, his PITI was $855 and homes in the neighborhood were renting for more than twice that amount. So I wholesaled the deal to an investor who took the property sub2 and is going to rent it out. Thats an example of making money on a property with no equity at all.

@Cirilo Villar Your state should have a contract that is used for retail residential real estate transactions (when realtors help people buy and sell homes) thats the contract I would use if I were you.

You need to build a solid buyers list and or have cash ready to close using your own funds or private money.

If you start with the exit you will have the confidence to keep going.

Also the script makes a huge difference when cold calling.