250k House Paid-Off + 800 Credit Score gets me what ??

[Faraz M]

Once upon a time I had paid my house off and now I am selling it in order to get the money out and buy a few rental properties, while this real estate market is down ! If my house does not sell what options do I have ??

My main focus is to buy REO/ForeClosued/Fixer Uppers type of houses and rent them for the next 4-5 years and when the real estate market recovers..I am thinking 2012-2015..I will sell the houses and cash out. Hopefully I will at least double up on my 250k ...Any opinions/advice ????

Renting it out ?

I was thinking of taking a loan out on it in order to get the equity out ...should I do that ?

Also, I believe my house will fall another 25-30k within the next year or so...BUT it has not fallen as much as most properties in the usa..I live in NW Suburbs by Chicago ! :D