Seems like he could get a second for that amount, if he truly has $90K in equity.

The $30,000 in equity is nice also!

Can't honestly say that I've studied any of the material as of late.Anyway, I have about 110K in equity in my house, just secured a line of credit for 90K and I have a credit score between 710 and 800.I have a GREAT handyman/carpenter lined up and he has an outstanding work ethic.

This has helped us tremendously in equity.

Let me ask you this - where else can you routinely find single family homes priced at forty to fifty cents on the dollar, with a minimum of $40,000 in equity, that need LITTLE or no rehab?

If the house is worth, say, $100K, and there's a loan for $70K, they would have $30K in equity.

I'd like to expose my situation and get comments from you people on how I should go about this, in the most profitable way possible of course :P Here's the deal: I purchased a duplex a year ago wich is now a triplex (i made a small appartment with the basement) The mortgage left on it is 150 000$, resale value right now is an easy 425 000$ where I live, wich leaves me with a nice 275 000$ in equity.

Being a newbie not sure what should be the steps to:how to approach the owners,what to offer them (for example: for a 300k property- if they have 200k already in equity, on average what should offer to them.)how to valuate the property (actual + repairs), how to search if there are other loans or not,how to take over the loan.and anything else I must need to take in to account.Since it will be the the first time for me so not sure how you advise me to move forward.Thanks.Seth

.$30,000 in equity is yours.

I've got about 40K in equity right now.