MY FIRST RENTAL PROPERTY

[Richard Ramirez]

Hello everybody,

Looking for some guidance.... I'll be getting a second house(new built) in April this year, therefore my current home (Let's call it the Newbury home) will turn into my first rental property. I just refinanced two months ago my Newbury home from VA loan to a Conventional loan so I can free up my full entitlement to buy this second home with no down payment. NEWBURY home estimated Value 333k Loan amount is 254k.

My question is... How long do I have to wait to do a cash out refi from my Newbury home so I can get another investment property (most likely a townhome) ? I know I have to have a 20% down payment when buying investment properties. Colorado springs market is booming and prices are going up. A decent townhouse in a decent area  goes from 200 to 280k. We have military bases here and Amazon is building a big warehouse. 

Any suggestion is welcome.  Thank you!