All Forum Posts by: Richard Warren

It USED to be easy to refinance a rehabbed property. But, as the song says, “used to be don’t count anymore.” Any kind of cash-out refi is difficult in today’s market. A mortgage broker may tell you it’s easy, but he wants your business and he’s not the one taking a risk. Lenders seem to be looking for any reason to deny a loan. If your income and reserves don’t meet the lender’s standards you will not get the loan. Before the lending crisis it was easy if you had equity, today equity isn’t enough. Before proceeding you should have a backup plan, if you proceed with the rehab and can’t refinance what will you do? If you can’t answer that you are taking a huge risk.

BTW I'm in NV and have never heard of Hidalgo Financial Group.
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Here is an interesting article that compares the current climb of oil prices into the stratosphere with the recent housing bubble. The theory is that the oil market is as unsustainable as the housing market was. I hope they’re right:

http://money.cnn.com/2008/06/06/news/economy/tully_oil_bust.fortune/index.htm?postversion=2008060610

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They got me too. They cut me by $100k. My house easily appraises for enough to qualify for the line that I had. They just don't want to be in the HELOC business anymore.

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That doesn’t make sense. The transfer tax is paid when you transfer title to the property. When you sell or assign a contract you are not transferring the property, only the contract.

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Oh, they’ll pay you. But first you have to give them $16,000. Then you have to find someone else to pay $16,000, if you do they’ll give you the $7,500.

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One book is not going to give you the big “secret” to real estate investing. You will need to read several as well as getting involved in your local real estate club and networking with other investors. Taking short-cuts is a sure road to failure. Check out the store on this site as well as real estate investing books on Amazon, Barnes & Noble and other book stores. Follow your interests and learn as much as possible.

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100% financing on investment properties has become about as extinct as the dinosaur. Most lenders will require 20% down and that is just a starting point. They will also look at the property very closely to be sure the cash flow is there. Your credit will also need to be very good. The days of getting a loan by demonstrating your ability to breathe and fog up a mirror are gone. You may need to seek out opportunities that have seller financing. Your friend is correct, as I’m sure you will find out when you meet with the lenders.

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Welcome to the site! It may be helpful if you put a little more information in your profile, especially your location. Enjoy the forums and participate as much as possible.

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Ah Josh, I just heated up a bag of popcorn, this could have been fun!

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You may wish to check out this thread:

http://forums.biggerpockets.com/viewtopic.php?t=19185

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