Just stared reading Long Distance Real Estate Investing by David Greene and I want to survey all of you! 1. What city and state do you live in now? 2. Would you consider your market to be good for basic buy and hold r...

How much research has to be placed into finding the right banks that will in fact refinance up to 75% LTV or is this a quite common offer Nationwide? 

@Raul Cesar cortesNot a good move if you can avoid it.If you default, you'll be taxed on the outstanding balance and an early withdrawal penalty if you're under 59 1/2.

I applied to Chase and Wells who both rejected me a couple of months ago based on the credit score.The house is worth about $1.1M with $600k mortgage outstanding, income is high and I'm only looking for around $60k HELOC. 

@Lear R.Regarding taking a 401k loan: You would have to confirm that your 401k plan allows for a 401k participant loan (and that you have not had an outstanding loan in the last 12 months).If yes, you can borrow up to 50% of the balance not to exceed $50,000.The repayment terms are equal monthly/quarterly payments (as you prefer) of principal and interest (e.g. prime + 1%) spread over a 5 year term (or longer if you will use the loan to purchase your primary residence).

I work for a company that I can get millions of deed records nationwide in every county/municipality coast to coast going back to 2005.I was just pointing out a part of the strategy to help prospect for potential properties to manage....

@Justin KliphouseRegarding taking a 401k loan: You would have to confirm that your 401k plan allows for a 401k participant loan (and that you have not had an outstanding loan in the last 12 months).If yes, you can borrow up to 50% of the balance not to exceed $50,000.The repayment terms are equal monthly/quarterly payments (as you prefer) of principal and interest (e.g. prime + 1%) spread over a 5 year term (or longer if you will use the loan to purchase your primary residence).

@David LutzRegarding taking a 401k loan: You would have to confirm that your 401k plan allows for a 401k participant loan (and that you have not had an outstanding loan in the last 12 months).If yes, you can borrow up to 50% of the balance not to exceed $50,000.The repayment terms are equal monthly/quarterly payments (as you prefer) of principal and interest (e.g. prime + 1%) spread over a 5 year term (or longer if you will use the loan to purchase your primary residence).

Chris, outstanding job!

In the second option, the total closing costs are lower, and you end up with more equity, albeit at the cost of an outstanding loan which is not backed by an asset necessarily.