Right now I'm building up my buyer's list. I have a few and plan on finding REI groups and attending auctions. My question as of now is if I lock up a property for a 100,000 to wholesale it needs to sale for 30% below market value.
Is that what properties are selling for right now in the area (comps) or what it is potentially worth first of all. Second, assuming I find that scenario, doesn't the seller have to have paid at least 70,000 in equity or else owe money to the bank. How do I find the equity in properties that I spot out, just call and ask.
Do you guy get Real estate agents to get the equities for you? Do they charge anything, because it seems they wouldn't do it for free.. Are the properties they get off the MLS or alot of FSBO because I hear the MLS isn't a good source to buy properties. Appreciate responses.