Condo - Refinance - Cash Out Refinance - BRRRR - New Jersey

[Dmitry Marutov]

Hello everyone,

I am relatively new to investing and looking to purchase first property. I live in the greater New York City area and found a condo that I am interested in that is in New Jersey, just a short drive away. Its an all cash deal. I have contacted several lenders about possibly taking out a home equity line, or doing a cash out refinance down the line, and what I found out is that most lenders are requiring that 50% of the condo building is owner occupied. The building I am currently looking into is 100% renters. Does anyone have any experience with doing a cash out refinance or taking out a HELOC on a condo? My strategy here is to use the BRRRR approach, refinance after a year, and use that cash for a new investmeent. Any advise is greatly appreciated.