Looking for options

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Posted by GS on May 08, 2008 at 07:49:17:

I buy with cash in Ohio. Mostly REO's. After the rehab I move in a renter
then try and sell to an investor. I would prefer to refi the property but in Ohio
they want to see 12 months seasoning for stated loans at my credit score
635.

Some months the properties go quickly and some they don't. I'm looking for
ways to get liquid with out having to wait on the sale of the property.

I have read some threads on the board about talking to local banks. That's
on my list for next week.

What I'd really like is a LOC against the property. I tried this last year at my
bank and everything was going well. Then I get a call from the perplexed
banker saying that underwriting denied the LOC because of tax return
amounts. my score then was 660 and VOD was $60k

I went to college and spent plenty of time in tax code classes. Unfortunately
it's bitting me in the arse.

I'm looking for options on ways to utilize these properties to create liquidity.

Thanks

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