Refinancing On My First Rental House

[Nathan W.]

Good Afternoon,

I'm looking at purchasing my first single family home in Philadelphia using all cash (approximately 75k). Once I do so how do I go about refinancing and getting my money out say once it's rented and cash flowing? 

Thanks for your help,

Nathan

[Russell Brazil]

Assuming you have 4 mortgages or less....if you do a cash out refinance in less than 6 months they will base the LTV off of the purchase price. If it is over 6 months then the LTV will be based on a new appraisal amount.