Silly question to some I’m sure…
How can you acquire a property to wholesale if the current owner still has a mortgage? Is it the same as a free and clear owner?
thanks
Look at the top left of your screen. You’ll see Investor Information and under it you’ll see Real Estate Articles, Free Books, Audios, Success Stories, etc. There are also courses for sale. You need to read what you can. Contracts consist of three elements: offer, acceptance and consideration. You make the offer, the seller accepts, and the consideration can be as little as $1. The seller can own the house free and clear or still have a balance on the mortgage which would get paid at closing.
If you are wholesaling, you need to find and contract homes that have a lot of equity (at least 35% to cover your profit, the rehabber investor’s profit and repairs). The seller also has to be very motivated.