It’s a misconception that all wholesalers simply work with circulated deals.

What was the biggest misconception you had?

What was the biggest misconception you had?

Amongst the common misconceptions I see by posters on BP are that hard money loans are junior mortgages to fill the gap between institutional financing and down payment; that it is in lieu of down payment so the borrower can acquire a property with “no money down”, and that it is money borrowed to use for an earnest money deposit.

BTW, a common misconception is that hard money loans are used when borrowers are “short” down payment money.  

@Joyce KimHELOC and home equity loan are not the sameEquity line of credit is a line of credit that let’s you withdraw up to specific amount and you can take less and pay interest on what you drawFor example if you had a $50k line of credit you may choose to use $20k of it and it is usually ten years where you can pay it off and draw moreA home equity loan is a second mortgage which is a fixed amount and paid off over a period of timeHELOC is better in my opinion but if you have no income it will be difficult to get approved even with the equity you haveCommon misconception people have is if you have equity you can just take it, that’s not the case the bank also wants to make sure you have the ability to repay it.

from your comments above I also think there's a basic misconception/misunderstanding of fundamentally how negotiation works in the open market, and that again is likely an area an agent can help you.

I’m going to go ahead and recommend a few resources & folks who have been very informative in understanding this volatile asset.The Investors Podcast does a weekly Bitcoin-based podcast that I really recommend, this particular episode is pretty academic on the common misconceptions of BTC:https://podcasts.apple.com/us/podcast/we-study-billionaires-the-investors-podcast-network/id928933489?

It is unfortunately one of the biggest misconceptions amongst new investors and leads to unnecessary start up expenses.

@Elizabeth Goff, I think you may have a misconception about how the 1031 Exchange works.