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All Forum Posts by: Marcus Squires

Marcus Squires has started 3 posts and replied 6 times.

Post: Low equity wholesaling

Marcus SquiresPosted
  • Rochester, NY
  • Posts 6
  • Votes 0

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

Post: Pre-forclosure timing

Marcus SquiresPosted
  • Rochester, NY
  • Posts 6
  • Votes 0

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

Post: Pre-forclosure timing

Marcus SquiresPosted
  • Rochester, NY
  • Posts 6
  • Votes 0

Hello BP I have quick question.

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

Post: No Credit

Marcus SquiresPosted
  • Rochester, NY
  • Posts 6
  • Votes 0

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!

Post: No Credit

Marcus SquiresPosted
  • Rochester, NY
  • Posts 6
  • Votes 0

Thanks I'll look into it.

Post: No Credit

Marcus SquiresPosted
  • Rochester, NY
  • Posts 6
  • Votes 0

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