BRRRR - How long until I can ReFi?

[Adam Bradley]

I am looking to purchase a house for $50k that is worth $70k for cash. I understand that banks like a property to "season" for a year before they will refinance.

What I do not understand is if this applies to:

1. If you are refinancing with the lender with whom you have your original mortgage.

2. If you already own the property outright, and want to pull cash out.

For simplicity: If I buy a property today and put a tenant in next week, does a bank still want the property to "season" for one year before they will give me a mortgage (70-80% LTV)?

Thanks for your input!