First investment purchase. Built in equity question

[Mark Lynch]

I have an upcoming opportunity to buy my first investment property. Im really lucking out and getting a great deal. Strictly through creating relationships through my business I have a friend who’s grandmother is looking to sell an apartment she owns. It’s an upstairs unit with 3 beds one bath. Super clean, really well maintained and needs next to nothing. Below it is a two bay garage and an office. It’s was assessed last year for about $125,000 and she is only looking to unload for about $65,000. It’s completely paid off for her, she’s getting older and simply wants to unload it quick and be done with it.

To me it’s basically a built in brrr opportunity, without the need for the rehab end of things. After my down payment the property will have an instant large amount of equity I can use to make my next investment move!!

My question is 1, will I still have to wait the normal 6 months to borrow against that equity, even though it’s been recently assessed? Or can I make a move pretty quick? 2, would even be smart to pull that money right away? My idea is to partner up with a friend of mine do a flip and make my profit by another rental, flip again, rental and so on...

Sound like a plan??