If I purchase property at 70% for cash, when will I be able to get a HEL/refinance?

Now the way people throw around the world billion, $50 billion sounds like milk money.I bet with the inflation our country is going to go through after this bailout, you will actually need close to that for milk.

. * I would go to 50% ARV on Rehabs.Ideal CandidateStrong income, Strong Credit, Strong Financial AssetsHands OffIf you have money as collateral in a Commercial bank......They will work with you.They will loan 80% of appraisalIt would be helpful if the bank would refinance these loans once the repairs are completed.Also, it would be helpful if lease options were structured as Fair Market Rent plus more as an option payment.Example:Market Rent = $1000 pmOffer $950 pm plus $200 pm as option payment (subtracted from future purchase price)Future purchase price can be tied to a future appraisal OR a set figure, whichever is higher.Ideal location of homes for tenant buyers - STRONG EMPLOYERS in the area that are recession proof.Consider not giving an option to purchase, but a Contract for Option to Purchase.

If I could refinance my home and pull out 40K cash and save 450 dollars a month in mortgage, would that be worth it to take advantage of lower home prices.

You're not collecting the rent, but still have all the expenses (well, hopefully you don't have to evict yourself, I wouldn't make any bets about your friends)You will never be able to get a loan in an entity without a personal guarantee.

But stillI can not refinance, I can not get home Equity line of credit,(because banks don't give on investment properties any more even on the ones that I don't have any mortgage.I can not declare any of them as second home because all of them occupied and I live close by (according to guidelines) I applied refinancing for one of the properties that I don't have any mortgage on.

A lot of people facing foreclosure that I have spoken to recently are are not able to refinance their homes due to the ever-tightening lender requirements in this depressed real estate market.

I honestly feel that Short Sales will diminish throughout this year and be a thing of the past by mid 2009...there will be all kind of ways to keep people in their homes and crooked refinances offered to avoid short sales after Bailout go through, watch

I have reached the conclusion that I should refinance my house and pull out 40k equity (I have 55K I could pull) through a government refi (at 95%) my broker told me about at 6% for 30 years making my new payment 730 and saving us 470 a month.

Brokers will also know of some portfolio lenders that may still do no seasoning refinances.