Paid cash for a house, looking to mortgage now

[Ryan Johnson]

I bought a house with cash from pulling a heloc on my home, off market, unappraised (deal was a no brainer in a great part of town.) 

My original plan was to update and flip it , pay off the heloc and use the profits toward buying my first rental. However, the area it is in is high demand and rents are accordingly high. So now I’m considering keeping it and renting it. 

My question is, does the 6 month wait time on mortgaging it still apply since an appraisal wasn’t done when I purchased it? With that being the case, can’t I go ahead and get it appraised now and mortgage it if I want? Or am I missing something? 

Thanks in advance!

[Ko Kashiwagi]

Hi Ryan,

You can do a delayed financing to get a mortgage based on your purchase price. There are also programs you can use with minimal seasoning (0-3 months) to get it based on the new value if you've done rehabs.