Washington Mutual will do 90% non-owner occupied HELOCs and I believe that Wells Fargo will as well. 8)

I have taken out a dozen loans in Las Vegas over the past 4 years, from various lenders including Republic Mortgage, Silver State Mortgage (now defunct), Washington Mutual, Bank of America, and Countrywide.

i am newbie here as well and read foucus on one topic at a time really read all you can in this forum and join real estate aasociation REI in your hometown and you meet people in the "know" I started last week and in the cal classroom i met mortgage brokers, new people learning the market like me. the seminar leader is nice and very knowledgeable. he met a president at a bank through networking and how beneficial to network with people in REI especially if your looking for reputable vendors.

A new or expanding list of beneficial owners.

If you mean it more broadly, it would have been about 24 in mutual funds and company stock.

thank you both for your wise words, well anyway i guess i'm just so anxious to do my first deal. especially a deal like this were the homeowner is in distress and states to you how much equity is in the property (i know i'm a beginner, but i don't see how he'll benefit by lieing to me about the amount of equity in the property, because he already stated he doesn't want to sell the property, and i already stated to him i'm gonna view the property/mortgage paperwork)well anyway i must say i agree with you both, from first look it seems the best way to do this deal (thats if all the number are right) will be to purchase the house for the amount left on the mortgage, and give them moving cash and etc (this way i'll have alot of instant equity within the property, which i could either wholesale to another investor or put it on the market at a small discount and sell it retail because of the properties perfect condition, then i could even try a short sale to build up more equity to make the two above tactics more profitable for me)now the only tactic i can think of that would work, were they will get to stay in there house and will be profitable/beneficial to me as well is to then purchase the property real cheap (whats owed on it) and offer to lease option it back to them at a higher interest rate and at a higher property price, but i think this tactic will be risky with this individual because of his credit and the nature of work he's in (construction were some parts of the year your without work and tring to collect unemployment) so this is what i plan on doing, i first plan on putting together a list of questions i must get answers to at the tuesdays meeting i plan on having with them, then i plan on explaining the whole foreclosure process to them and the uphill battle they face (which i hope will change their position about not wanting to sell their house under any cumstances), then i plan on making a smooth exit and letting them know i'll be back in contact with them to let them know what i think their best solution is to solve their problem (this tactice is to buy time, so i can really cruch the numbers and speak with others to really figure out the best win-win for everyone, thats if their is a deal their)if anyone has any other suggestions please let me know

But, it will be more work than just sticking your money into a mutual fund.Originally posted by "girl12345":Hi...The 4 plex is not in California..Well I came to a conclusion in my own quirky non professional way...it will probably seem silly but here it is: It seems that if I put $80,000 down and then spent another 200,000 over the course of 20 years for all the stuff that comes up...( the building is brand new with all the warranties on the roof etc etc ) there is a good chance I will end up with a building worth around maybe $650,000 ...that means ( in a very very innacurate way) my money was more than doubled and it took TWENTY YEARS.....thats not very good and I had all those headaches too.meanwhile in 20 years just $130,000 in a simple Vanguard index fund getting 11% a year and being left alone to compound becomes around a million dollars.This seems to clarify it for me.....

Banks and Credit Unions do them, so do places like Beneficial, CitiFinancial, Wells Fargo etc.

And when your finish with that write down *all* the possible pros and cons that pertain to each different investment. when that is done whichever is the most beneficial one for your pocket book choose that one (only my opinon I would wait for more feed back).

I mostly joined this forum because I've been monitoring the BP Blog and I found the information there to be very interesting and potentially beneficial (to me).I've been learning as much as I can about the RE industry because I believe that knowledge is power, not to mention I like to look well informed in front of my clients!