Basically, the underwriter will see that you pull out $250k from your rental to pay down the principal of the primary residence.Say you're currently owe $800k on your primary residence at 5.75%.

I just had a deal fall apart because hud requested the hard money lender show a bank statement or letter from their bank showing they have enough funds to close the deal, when I told the lender about this they were dumbfounded, they told me that the funds was available but it would not be in the lenders account, since they pulling these fund from a pool of investors, and I spoke to more than one hard money lender and they told me the same thing(they were both willing to issue a strong letter of intent, hud said this was a new policy) I am wondering if anybody else has had this experience

I pulled out the massage table and gave the whole family back rubs.

When the tenant gets nasty, we have to pull out our war chest, cowboy up and prepare for war.Kelly, I would STRONGLY suggest you consult with a real estate/eviction attorney.

The key is e prepared to pull the trigger.

This would be my first project of this nature.

Naturally, the buyers walked when the deal did not move forward.

I put it up on the market FSBO, and it sat, and sat, and sat, several price drops and 6 months later I couldn't stand it and hired an agent to sell it. 6 months, and 1 bad offer later I pulled it off the market and leased it up.

Does it make sense to pull money out with a 70% LTV loan and reinvest that cash in a different property.The rent on the original investment will be just over the 50% rule with the new mortgage in place.I am just so conservative that I cringe at the thought of having payments on a property I currently own.

I suspect you have pulled comps to justify the valuation.I'd think that as SFDs the fire walls would surpass apartment requirements, I don't know codes there, but the building would probably pass.