I knew that a lot of times buyers don't want to wait for the short sale process to run its course, but I step in and speed it up a bit.

Our bank has offered us a re-fi, & I'm wondering if I should jump on it now, or wait a month or two.Dave.

I had hoped to refi, but I need to wait 6 months to refi at the original purchase price, 1 year if I want cash out up to 70% LTV (which is higher than purchase price).I'm now looking for HELOC options on that investment property, so I can roll that equity into another purchase.

I would wait until things loosen up some more.

I can't wait for my course in Contract Law...

I told her the house is upside down we might be better off waiting for the house to foreclose and then have her submitt my offer to the bank the same day it forecloses, even give the bank the offer before it forecloses.

Jeff,Sounds like a good Subject 2 deal assuming the house is worth at least 37,500 and their note is for $14K, especially if they will wait for their money in order to get out of their mess.

there have been some good response so far, I just wanted to add my .2 cents simply b/c again it's by far my favorite strategy.I only wholesale deals that I've shorted simply b/c if I purchase a short sale for 100k.....and then rent it out blah blah blah, well my cash on cash return is low b/c I paid out of pocket 100k.However............if I take over Sub2 and pay minimal out of pocket like closing cost and maybe a few bucks called 'uhaul money' for a moving van, well then we'll say im in it for 5-6k at the most, then just like you said I make that right back with option money from a tenant buyer and then cashflow every month.

I'm learning that tenants get a very fair share of rights in NJ and that evictions can extend many months (the worst I heard of was six).Has anyone determined the optimal/quickest way to get non paying tenants evicted.By this I mean:- up front screening (credit/employ check/crim. bg)- stronger lease clauses- security deposits, etc- tactics- lawyersIf anyone has devised a process for minimizing eviction time and lost rent I'd like to hear from them.Thanks

The outlook for 2009 will not be up for discussion until Obama gets into office and we have the "first 100 days" pass.There is a lot of money / deal-makers waiting for that hurdle to pass.I'm hearing 'We have cash but are not looking to buy until 3rd or 4th qtr of 2009.'