Ideas to find investor for refi + cashout

Ideas to find investor for refi + cashout

Hi all:

I bought one of Dean's books last year because I needed a house to live in, followed his advice, and bought a house in an auction; an interesting experience. My goal is/was not to do RE for a living. I just wanted to get the best deal on my own house.

I think I did. The house I got was sold (2 yrs. ago at the peak of the housing bubble) for over $425K. I got it for under $170K (financed it using FHA loan). That was last year.

I had to spend about $15K to bring it to living conditions + finished the basement, but it was worth it. Real Estate in my area (Woodbridge, VA) has been going up, and recently a house sold for $257K, another one for $234K, and even a short sale asking $199K 1 month ago, increased the asking price to $235K; surely due to multiple higher offers. All those houses are in my street.

I figured now is the right time to refi and take equity out of my house... but the bank did not think so. They only appraised the house at $217K! Then, only would lend 85% of that. I asked, and they can't accept a house would appreciate about $90K in 1 year in this market. I basically told them that it can if you buy at rock-bottom price. My argument did not fly with them...

Realistically, based on the other properties in my neighborhood, and trends, I think my house could fetch $250K if I listed it for sale now.

Any ideas to find an investor, or some other form of financing (RE backed loan, or something similar) to get the equity out? It has to be an investor/company familiar with this area, so he/she can make a realistic home appraisal. Additionally, I think prices will go up even more soon in this area thanks to the federal government creating a lot of well-paid jobs in the DC Area, something a savvy investor would also be able to see.




You tried small community

You tried small community banks or credit union

Thanks for the idea.

No. I have not tried them yet.

I read somewhere that smaller local banks and credit unions may be more flexible; I will give them a try for sure, but I am afraid that when they appraise it, again the appraisal company may under value the property. Then again, a new appraisal may give it a better value (who knows), but the thing is that each appraisal costs me around $400.00 - $450.00, so I was looking for a way to avoid doing appraisals in vain, and put a deal in front of an investor that won't be 'alarmed' that the property has appreciated in a short period of time.

This house in my area was listed just 30 days ago, and it already has a contract! Asking price is $259K. It is not too different than mine, and yet mine got undervalued! That is why I say, that someone familiar with my area would see the value...



Get a small bank near the

Get a small bank near the property or get a mortgage broker that work with different banks and has different loan programs .

Gold Bar Funding


Gold Bar Gary is a member on here, check out his site or see if you would qualify for him to buy the note outright. You never know and it never hurts to ask. Here is his site. He is a certified Cash Flow Consultant and may be a start. Check out the site and best of luck!

Thanks a lot!


I will check out that link. It definitely does not hurt to try all options available.



This page On Dean's Site Helps Out a lot

This Page on this site explains how to get $250k to $450k for real estate deals without credit Amazing!


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