How do I get that equity out?

[Joshua Martin]

Hey gang,

This is a little pre-emptive, but I like to plan ahead. I'll be closing on a four family June 20th, and I'm buying with significant equity in the property. Depending on where the appraisal would come back I'd say 50-60k to be at 100% LTV. So... what are some options for getting the money out?!

I will be occupying the property for the foreseeable future. It cash flows with me in it, and it's a great property in a great location. In six months to a year I want to pull out every dollar I can to go after something bigger, but on a cash out REFI I think they'll only let me take 75-80% LTV. I need more ;)

Anyone know what kinds of LTV you can get as an owner occupant on a REFI? One lender told me yesterday 'only 80%,' but then why the hell do I see short sales where people owe absurd amounts of money on property that should never have been loaned? Are those days gone entirely?

  If I could cash out 95% as an O/O that would be legit. I'd loose the cash flow, but I'd have a huge chunk to go after a multifamily and have skin in the game for raising additional capital. 

What LTV do HELOCs typically go to?

  And lastly, while brainstorming, I thought, "what if I could get a high net worth individual to buy the property at market and sell it right back to me on land contract for a reasonable interest rate but would he would know will be consistent for many years?" Is this last strategy viable? Or am I perhaps looking some obvious SEC and/or lending issues that someone more well versed spots right away?

  In any case, I like to plan ahead. Thanks in advance.

Best,

  JTM