Can anyone explain why equity is or is not an important factor in determining whether you should purchase a property or not when doing wholesaling.

I would explain to him that I can save his credit from that repo, and that will save his chances of buying a house, car, etc for the next several yearsFor her, I would take over her debt, place the house into a trust with me as trustee, and have her change the benificiary to my in a few months, once the bank got comfortable with the idea of sending me the bills and getting paid on time.

@Josh Gangi I am really interested to hear how you do due diligence on condos - could please explain?

I've explained time and again that I will not use my degree and my sole passion is in real estate.

You do this via channels that complement Biggerpockets like linkedIn, facebook and tweeter.If you are wondering, there is a book that explains guerilla marketing.Best.

I consider myself mid-versed in real estate and I'll explain why.

I explained that his asking prices were simply unrealistic and that in order to purchase them he would need to come down on price. 

You may or may not win this, be gentle but firm with your position when explaining it.The tenant that occupies the basement could be twisted a couple of ways.  

After explaining it to him (as I understood it) he asked me what the difference was between a wholesaler and a Realtor.

I used to explain how much money we needed for rehab on their home but have shied away from that as the owner generally thought I was making up a high cost to make the numbers work in my favor.