Jean also brought her sons' ferret and her daughters' foot long boa constrictor (both in their cages of course). 

In October of 2013, BOA foreclosed on my personal residence.

The Countrywide/Bank of America sh*t took care of our credit, so we're starting from scratch.In fact, thanks to CW/BOA we can't even get a home equity line of credit or refi our house to get some of the equity out of it!  

Found my first deal on the MLS in January (great time to be looking as winter has crushed the seller's spirits before the spring market arrives).Bank Financed it with BoA 10% down (BoA was a nightmare to deal with)I recommend MB financial for local investors:  @Jerry Padilla has your back there.They don't have a seasoning requirement on rental income and you can get 2% seller's concessions on a multi.

Some may have been holding back, like GE, BoA, Boeing, who have held off in an attempt to keep employment low for political reasosn (so long as it didn't really cost them anything).

Just because BOA was the original lender and is now servicing the loan does not mean BOA is the actual investor.  

There are no open liens on the prop and the only lead that we have is BoA who, of course, say they don’t have it and never did.Lastly, we have the property sold (we’re just now learning about these issues as the original lien holder took their sweet time sending the security deed) and I can’t provide marketable title to the mobile home to my buyer.

Both of my properties have a BOA within a 3 minute drive.

Private lending that I'm talking about, and assume Mike's talking about is borrowing the part of the purchase price from an individual with extra capital lying about instead of Wells Fargo, BoA, or Fannie/Freddie. 

Lima does compete with Black Rock and 3 others that do similar business  but they are not the most cost effective.As for the numbers...You buy a house for  100K with hardmoney in Tacoma .....maybe you put 20K down so you owe 80K to a ((SHORT TERM 12 month)) hard money lender as  all the windows are busted and it is a mess and at that point only worth the 100K you paid.....but in a great neighborhood of 200K homes.You spend 30K on the Repairs......If you hold it 90 days....and you are now in title ....After you fix it ...It is then re-appraised........once it all pretty and has a tenant in ....for a new fixed 30 year loan based on it FINISHED A.R.V. value...Your new REFINANCE  loan is based on 75=80% of the  ARV finished value.....which I hope is about now worth 160,000 - 170,000.ooSo 75% of the  new160,000  = $120,000 new loan amount.....which pays off your hard money loan of 80K and the 30,ooo repairs your put in ,....and almost all your down payment.You have now recovered all your costs in  place....and have a fixed loan covered by the rents...Wash Spin Rinse Repeat.....As for the Rates..we are both a FNMA lender and commercial lender....so these are accurate..1) FNMA owns 80% of all residential mortgage paper in this country and 30 year fixed - Full Doc loans at 3.75% to 4.25% => Credit Union and Residential A paper lenders VA -FHA -USDA etc2) Commercial loans - 30 year am 5,7, or 10 year term = full doc loans price with good credit price at 4.375% - 5.5% ==> Think community banks and big 5  - WFC  - BOA - Chase etc and local Portfolio S+L's and some Commercial Credit Unions....3) Stated Income Hedge funds....30 year fixed - No Doc  or  Low Doc with Great Scores ===>  loans price at 5.75%  - 7.5% ...think Black Rock, Velocity,  Lima,  RNC and others4) Hard Money = short term to 3 years....prices at 8% - 10% There are no hedge funds or finance companies like Velocity or Lima or RNC or  Blackrock that will make you a  loan < under 6% as they need the 300 basis point spread over the 10 year commercial swap rate to cover their cost of funds...regardless of L.T.V.I get wholesale rate sheets from some 30 lenders a day/week....and that is the risk/reward spread.Hope that helps explain the process and the tiers of lenders...