Right now it is very difficult to pull out cash or equity from an investment property. Investors are paying 100% cash to buy properties from banks on the courthouse steps and finding it is nearly impossible to refi and pull the cash out of that property. Not allowing investors to pull out equity to buy the next property makes buying and holding very difficult. This situation is forcing investors to flip the property so they can get the cash out of the unit.

The listing agent tells me he is not getting calls back from the VP for Bank of America who is in charge of the short sale property I would like to buy. This short sale purchase process was started with the listing agent and Bank of America back on 1.25.11. I guess I will continue to wait until Bank of America feels like selling this unit.

Bank of America short sale experience in Stateline, Nevada.

Still no movement from Bank of America on a short sale I started with the them on January 25, 2011. Listing Agent said he would have information for us yesterday, but nothing came in. Almost 4 months of my time invested in this short sale. There seems to be no motivation for Bank of America to sell this property.

This article suggests not every job can be done remotely, but says if done correctly telecommuting can be advantageous for the employee and the company. The author suggests telecommuting can save many hours of time in a car and about $1000.00 per year in gas costs.

Link to Article

Become a remote worker from Stateline, Nevada.

On January 25, 2011 my cash offer was "acknowledged" by the owner and Bank of America and I was told things were moving forward in the system. On March 18, 2011 Bank of America kicked our offer out of the system and we were forced to start over.

On May 6, 2011 we are still waiting for word from Bank of America to purchase this property. We are into this thing 3+ months so far.

Anybody still think banks want to sell properties?

Bank of America Short Sale Purchase
On January 25, 2011 my cash offer was "acknowledged" by the owner and Bank of America and I was told things were moving forward in the system.

2 Story, 2 Full Bath, 1 Bedroom available 6.1.11. 5 min walk to the Stagecoach Lift at Heavenly and Tahoe Rim Trail. Comes with Tahoe Village pool/hot tub privileges. Visit the long term rental section at Launch Lake Tahoe for more information.