I have purchased a couple of HUD homes in the past, if you really want it just bid the asking price with a credit for closing costs.

thank you both for your wise words, well anyway i guess i'm just so anxious to do my first deal. especially a deal like this were the homeowner is in distress and states to you how much equity is in the property (i know i'm a beginner, but i don't see how he'll benefit by lieing to me about the amount of equity in the property, because he already stated he doesn't want to sell the property, and i already stated to him i'm gonna view the property/mortgage paperwork)well anyway i must say i agree with you both, from first look it seems the best way to do this deal (thats if all the number are right) will be to purchase the house for the amount left on the mortgage, and give them moving cash and etc (this way i'll have alot of instant equity within the property, which i could either wholesale to another investor or put it on the market at a small discount and sell it retail because of the properties perfect condition, then i could even try a short sale to build up more equity to make the two above tactics more profitable for me)now the only tactic i can think of that would work, were they will get to stay in there house and will be profitable/beneficial to me as well is to then purchase the property real cheap (whats owed on it) and offer to lease option it back to them at a higher interest rate and at a higher property price, but i think this tactic will be risky with this individual because of his credit and the nature of work he's in (construction were some parts of the year your without work and tring to collect unemployment) so this is what i plan on doing, i first plan on putting together a list of questions i must get answers to at the tuesdays meeting i plan on having with them, then i plan on explaining the whole foreclosure process to them and the uphill battle they face (which i hope will change their position about not wanting to sell their house under any cumstances), then i plan on making a smooth exit and letting them know i'll be back in contact with them to let them know what i think their best solution is to solve their problem (this tactice is to buy time, so i can really cruch the numbers and speak with others to really figure out the best win-win for everyone, thats if their is a deal their)if anyone has any other suggestions please let me know

I currently have no debt, about 300,000 savings, a decent but not excellent credit rating, and this would be the very first real estate investment I make.Thank you.

Making contacts(via the internet), drafting a plan, getting my credit in line, securing funds, but I am finding I keep coming across a common road block.

Go back to a 9 to 5 job so you have income and a better credit score.

Has anyone ever gotten a line of credit or equity line on a rehabbed home after renting it.

A bank can fund the deal if the numbers stack up and your credit is solid.

And now he's asking for credit report and 1003.

Plus I refer them to an amazing Mortgage Broker that will work with them to repair their credit and then buy the home at the end of the term.

The cut will cause banks to lower the prime rate which will lower payments on HELOCs, auto loans, variable rate credit cards and other consumption based financing but might have the opposite effect on mortgages.