Brrrr Strategy Confused at Refinance part
Ok I am purchasing a dulpex for $60,000 it was listed for $75000 and rents for $600 each side. So do I need private lender or a conventional lender like credit union for my initial purchase of $60,000. With a regular lender how long will I have to wait to refinance? I want to refinance within 3 months to pull my money back out. Do I have to wait 6 months or can refinance when I Finsh renovation and it rented out. I am in Florida
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@George Gipson III this is a great question. If your looking to do a delayed refi (Immediate cash out) then you can use HML opposed to conventional lender. Now if the HML wants the money secured against the property then(1st position lien) then you will not be able to refi prior to 6 months. If the HML is willing to do a loan to you directly without securing the funds against the property then a conventional lender will treat the purchase as a cash deal and when the request the source of funding you would provide your HML loan agreement. At that point the conventional lender will likely refi 70-75%LTV and pay off the HML and you keep the balance. @Jerry Padilla can verify or dispute what I'm saying. He is the professional on all matter mortgage related. Best of luck to you. Always remember to persist and you will WIN!!!