All Forum Posts by: London Elliott

So tell me if i'm wrong but all you need to know to get a properties equity percentage are the following.

.How much the house was bought for

.When did they buy it

.How long the mortgage plan

.What was the down payment

Do the math then subtract what is owed from the ARV?

I am in phoenix, az which is a tax lien state. 

Lien:

I've read and to my understanding you buy a lien and sit a year to see if they pay it off if not you foreclose on somebody elses home. that's the lien side I think.

Say another investor is already paying for the lien. Is their a way to make a cash offer that will cover what they owe and the lien if somebody else is already paying the lien. 

If I take the contracts to the title company are they going to tell me I cant cause somebody else owns the lien???

Do I have to contact who owns the lien and ask for permission? they probably wont want to do that.

Thank you that makes a whole lot more sense. So when they pay 20k on a 100k mortgage they own 20k of the property. So if they wanna sell it they'll have to sell for more then 80k to come out on top.

So always ask them if they are financing?

Ask how much they have already paid? or what their debt is?

And tell them that they'll make 10k and be debt free if I give them 90k?

Just say yes if you think I got it lol

@Doug Pretorius

Say somebody does a down payment and is financing a house. They find out that they are paying to much.

I dont understand this fully yet. is the house there's? how can they sell the house if they aren't done paying for it?

I'm new sorry stupid question.

So I am eager to wholesale a house. I have not yet placed any bandit signs or drove looking cause I am curious on what I do after I found a house. So many questions would have to be asked like.

How do I know this is a good deal? Whats the equity?

What papers do I need and when?

Who do I need to know?

Basically who is all involved in me having to buy a house and sell it. 

[How I think it would go] -> You Find a House -> Contact Owner -> If Good Price buy it and finance it [I do not know how I go about buying the property] -> while financing find a buyer [Not yet sure how to find a buyer efficiently] -> Negotiate and Sell [Not sure on how to protect myself]

So basically I just need to know what papers are involved, how do I get the papers, Who do I need to get the house in my hands and then gone.

Thank you for any help in advance