Li Ka ShingAsia's Most Wealthiest Man as well as The 10th Wealthiest Man in the world!

lot going on in this post.first, no way will you get a 5.5% on a non occupied investment property.(2) you *may* end up with positive net income on the property without having the mortgage writeoff - this means a visit from the tax man. as an investor, the "write offs" or tax deductions you will receive, if your business entity is structured correctly and your CPA knows what he/she is doing and you keep tabs on it, will far exceed any write offs you will earn anywhere else...look at it this way...IF...you HELOC...taking 100k out of your property...now you've got 100k to invest in an reo or other distressed property - CASH...real estate is about leverage...but with the CASH purchase, it frees you up to do many different things down the road...IF...you "buy right" (below market value > 30%) - combined with the CASH purchase, you'll create a return on your investment that is EXCELLENT.if you took an arbitrary 100k (from anywhere, say it grew on a tree) and you stuck it in a savings account earning 5% (which is a lot for a savings account)...compare that to the 20% return you'll get off the monthly cash flow from a good rental...not to mention depreciation..and future leverage options available to you through this investment...the returns just compound.now this all deserves a qualifier...we don't know the specifics of your current home, your finances, what you owe on it currently, other debts etc.all that must be taken into account.

Like you think to yourself and you know that you're a: plumber, a mechanic, a sales man, a student, a truck driver.

Lots of times people don't fully understand the tax code and they have nightmarish ideas of the tax man as that guy from The Texas Chainsaw Massacre showing up to chop off an arm and a leg to collect as taxes when it's really not such a horrible thing.

Save your money young man!

Sorry, man.

You can give a man a fish and feed him for a day, or teach him how to fish and feed him for a lifetime.

I would suggest making inroads with lease back investors and / or broker that can get this man a hard money loan to keep his home.

Basically you are giving this man a chance from losing his home, with the intention of buying it back at 367k (75%) + 49k (10% of house value?)

Whats up James-That is a very funny story and if I were you I would be a proud father and lucky man as I am sure you are!