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Foreclosure Forum |
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Banks aren't so liberal...In Reply to: Strategy for income property acquisitions... posted by Alfred, TRAINEE on May 06, 2002 at 4:39 PM
: Hi Ward, : Not having much experience with banks, the main question that I have is... will a bank be willing to give me a 75K loan on a house worth 100K that I own free and clear, so that I can pay my HELOC off and move on to my next deal? : Overall, how does this strategy seem to you? Thanks in advance. =•=•=•=•=•=•=•=•=•=•= Alfred, First of all I doubt that any bank will give you a 100% loan on your non-owner occupied dingbat. So that means that every property you buy you’ll be leaving 25% of your money in it. And it will take you more than 2-3 weeks to get a HELOC on each of your acquisitions. Most banks, for loan purposes, will value your recently acquired property at the exact price you just paid for it, rather than its current appraisal, until you’ve held the property for at least one year.
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