OfflineI am new to this network, and real estate altogether. I am wondering how to "pull" equity from a property. I am almost done reading Dean's newest book, and he speaks of it several times, however I still cannot grasp how this is accumulated and/or gained. One instance that sticks in my mind is when he states that he bought a property for 60K, refinanced it at 193K, puts 30K into it, and puts about 100K in the bank? How does this all happen? I'm just wondering where all of the money is going, and how. Any input on the subject of home equity is appreciated. Thanks!
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I just talked to my wife at the dinner table last night and I said, why am I trying so hard to get an assignment done when I should just start looking for a good deal for myself, using an HML to a equity refi.but I just can't get the process of how to make this happen.Our credit score is 750 but our debt to ratio is not good.
1) Would I even be able to get a equity loan?
2) Would renters count as income?
One good deal and I can have our credit cards paid off and debt to ratio back to normal.
Any help would be appreciated like alway's.
You guy's got me this far and now the wife's even wondering if this is going to happen.I will try to take action soon.
Jason S.
San Diego, CA.
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I have the exact same question. There are 3 properties I'm looking at. All are way under FMV. I will probably have to use a HML. I have started a s-corp for my real estate investment business. With my business being brand new, will I be able to refinance to get out from under the HML? I know that is how Dean says he does it. I'm just wondering how easy/difficult it is to get a refi even if you do have equity.
I know on my home, I can't refi to pull out equity because I don't show enough of income. I did a stated deal to get in, but Countrywide won't do a stated loan now.