Home Buying in Covington>Question Details

Crystal, Home Buyer in Covington, GA

First time investment buyer. Can you cashout off the top?

Asked by Crystal, Covington, GA Sun Feb 22, 2009

I am looking to buy a multi family propertie with good credit. Need a local lender. I would like to cash out off the top is this possible?

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Let me simplify.. NO! Find a good listing agent that knows the area well and sell below appraised value, as a matter of fact list it lower than that. If you arent lookg to sale right now you can always take out a home equity loan but DEBT is whats driving this economy into the ground right now so I dont recommend it.

When you get ready to buy another investment property come talk to me ill get you into something for pennies on the dollar so you can "LIST LOW, and SELL FAST."
0 votes Thank Flag Link Tue May 26, 2009
Hi Crystal. I think what you are asking is, can you buy an investment property, for below value, and then get the equity back in the form of money at closing, like a cash out refi?

If so, your conventional lenders are going to waste your time. There are usually 6 month seasoning restrictions on cashout refis, after you buy them. You need to talk directly to the investors themselves, who are willing to be creative with seller financing.

There are ways to do it, but its not at the bank. And usually, you still have to put money in to get money out.

If I'm on track, take a look at the property below, and then let's talk. I can arrange for the deal you are describing.

0 votes Thank Flag Link Tue Mar 31, 2009

Give Jim Harvey a call at Hometown Mortgage. He can assist you.

Tell him James sent you!

0 votes Thank Flag Link Mon Feb 23, 2009
Give my friends at HSOAGA (Homes Savings of America). They have all types of loans and very qualified loan officers. The owner is a good friend of mine and hopefully you get your answers. A qualified and knowledgeable lender will be able to help you.

contact info

If I can help you with locating or purchasing such investment properties, please give me a call.

David Brower
Crye-Leike Realtors, Assistant Manager/Realtor
Web Reference: http://www.davidwbrower.com
0 votes Thank Flag Link Sun Feb 22, 2009
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