I suspect many owners bought or refinanced these during the bubble, assuming rents and values would continue to increase.

The guy has no problem re- financing and cashing some one out, I just think it would be hard to do right now.

Refinancing is fine, but that doesn't help for financing new product.

And the properties were not slums either, it's quicker, easier and in the end, more profitable, especially if I did a wrap or installment deal and then refinanced it for them conventionally.

Others refinanced and HELOC'ed every penny they could out of their houses.

Cashing out", I suspect, refers to refinancing, not paying cash.

Also i am considering refinancing and someone told me that if i get my Mom to add me on her oldest credit card it will make it look like i had that card for the 15 years she has had it and it will help my credit score alot.

We were looking at refinancing the loan with a bank, but since the market tanked, we owe more than the home is worth.

And, in many cases, you don't want the borrower to be awar of it as they may seek refinancing and offer the seller a lower price for the payoff!

Jon, you said that refinancing hard money might be easier then getting a loan in the current situation.