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Updated about 7 years ago,

User Stats

21
Posts
3
Votes
Sean Connolly
  • Investor
  • Orlando, FL
3
Votes |
21
Posts

Putting a mortgage on my primary residence that I bought cash

Sean Connolly
  • Investor
  • Orlando, FL
Posted

I am purchasing my grandmother's house from my family as my primary residence. They are giving me a great "family" discount. My plan is for my wife and I to purchase it in cash, renovate it, and then put a mortgage on it to pull out the equity to invest. I spoke with my usual lender (RP Funding) and they told me that I couldn't refinance (put a mortgage on it) until I've owned it for 6 months. This didnt sound right since I've heard so much about the BRRRR strategy on bigger pockets. I was under the assumption that I could refi immediately when done renovating since I purchased the house in cash. Any information would be much appreciated. Thank you very much!!

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