Financing foreclosed properties.(FRIDAY HOME GUIDE)(MORTGAGE Q&A)

Byline: Henry Savage, SPECIAL TO THE WASHINGTON TIMES

Q: I would like to be able to purchase bargain foreclosed properties as an investment when the

right deals come along. My plan is to pick up the good deals, make some cosmetic improvements to the property, and then sell them.

What's the best way to finance these types of properties? I'm looking for units in the $60,000 to $100,000 range. Should I find a good lender who can make quick loans? I have about $100,000 in equity in my own house. Perhaps I should tap into that.

A: If you have $100,000 in equity in your home, you are far better to obtain an equity line and pay cash for these …