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[ Follow Ups ] [ Post Followup ] [ The Forum Board ] [ FAQ ] Re: Banks aren't so liberal... Posted by Alfred, TRAINEE on May 06, 2002 at 7:28 PM In Reply to: Banks aren't so liberal... posted by Ward-CA- on May 06, 2002 at 5:16 PM Just to clarify one point, I wouldn't have to wait to get a HELOC for any of these acquistions... I will get the HELOC beforehand using the 100K in equity from my 3 rental properties. I'll have a HELOC checkbook with 75K at my disposal when I go shopping for houses. (My point was that by having 75K cash I will be able to have a fast escrow and closing because there won't be all the usual time needed for bank financing.) But your data about the bank not willing to give me a 30 year fixed for the amount I paid for the house, so that I can pay my HELOC back down again, is wherein the problem lies. The plan won't work if I have to keep leaving 25% behind. If I buy a house for 75K, that would normally retail for 100K+ (which would be validated by a professional appraisal), the usual lender won't give me a loan for more than 75% of what my purchase price was? Hmmm... I've got to figure out a solution to this barrier so that I can make this plan work. Any ideas? Follow Ups: Post a Followup: Name : E-Mail : Subject : Comments: : Just to clarify one point, I wouldn't have to wait to get a HELOC for any of these acquistions... I will get the HELOC beforehand using the 100K in equity from my 3 rental properties. I'll have a HELOC checkbook with 75K at my disposal when I go shopping for houses. : (My point was that by having 75K cash I will be able to have a fast escrow and closing because there won't be all the usual time needed for bank financing.) : But your data about the bank not willing to give me a 30 year fixed for the amount I paid for the house, so that I can pay my HELOC back down again, is wherein the problem lies. The plan won't work if I have to keep leaving 25% behind. : If I buy a house for 75K, that would normally retail for 100K+ (which would be validated by a professional appraisal), the usual lender won't give me a loan for more than 75% of what my purchase price was? Hmmm... I've got to figure out a solution to this barrier so that I can make this plan work. Any ideas? Optional Link URL: Link Title: Optional Image URL: [ Follow Ups ] [ Post Followup ] [ The Forum Board ] [ FAQ ] WWWAdmin 2.0a © 1997 Matt Wright and DBasics Software Company, All Rights Reserved

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