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Hey folks, how you doing? This is an investing on the go. This is your 15 minutes of weekend,

warrior action packed information while you're out driving for dollars. I'm Bill Twyford

with the most wonderful Rua State podcast ever and also investors edgeuniversity.com.

Today we're going to talk about how to qualify a flip. How to qualify a wholesale deal.

Now it seems like when Dwan gave me this topic she says, here's your topic.

I said how to qualify a flip deal seriously. It's not that hard to do. All you have to do is have equity.

But I know what she means behind that because a lot of people that listen to this don't even

know what equity is maybe. Okay? Equity is the difference between what is owed and the value of the

home. Okay, you get a $100,000 house. They owe $50,000. You have $50,000 in equity. But it's our job

to explain to the homeowners how they really don't have $50,000 in equity because they got

closing costs, real estate fees, all that kind of stuff that comes out of there if they sold it for

full price. You have deferred maintenance if there's stuff that needs to be fixed on the property.

So see if you've got a house that's worth a hundred fixed up. It needs $10,000 where the work.

Then it's worth a hundred and they owe $50 on it. You've got to take that $10,000 off of the

hundred and make it now it's worth 90 in its current condition because it needs paint and carpet.

So 90,000 they owe $50 that's $40,000. Minus off a couple thousand bucks for closing cost.

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