All Forum Posts by: Account Closed

Bryan and Matt, thanks for your ideas and responses! Washington Federal Savings has not asked for any reserves and the underwriter was pretty quick to send the loans for appraisal so I will cross my fingers and see if I end up signing papers on the two cash out refinance loans on these fully paid off properties.

Home prices in Salt Lake city are dropping around 1-2 percent a month at this time so we are in the throes of the real estate price crash. We are always several years behind California in appreciationa and depreciation. So with prices bottoming I am exited to aquire some more moldy, dank, run down homes for conversion into dry, well repaired rental properties. :mrgreen:

After the real estate crash I ended up with 8 properties and 5 mortgages. I could not get any more loans because of the new more strict guidelines. Recently I found a bank, Washington Federal Savings, that holds their own loans and they are willing to do cash out refinancing on my paid off homes. They also say they do portfolio loans.

Has any one used them and also how have any other investors moved from doing single mortgages to getting more money available to continue investing in this tight market.

I am a buy and hold investor/rehabber basically saving for my retirement.

The sitatuation here in Utah is bad from a lending perspective also. I own 8 rental homes, 4 are fully paid off and the 4 with loan have around $30KI equity apiece. I cannot get a refinance loan on the homes I fully own and neither can I get a pre-approval letter to buy more even though my credit and income is good. I have tried around 5 lenders and brokers both big and small. Things are pretty bleak.