Six months on title for a BRRRR?

[Syman Scarpellino]

Hey everyone, I dove headfirst into the game! Closing on two properties this month. One Friday the 16th and the other toward the end of the month. 

Here’s my Hangup. One of the houses was purchased as owner occupy (5% down). It’s in poor condition and will require most of it torn down and built up. For simplicity sake: 

Bought for $230,000

Contractor bid is $70,000 

ARV is 390,000

All is well right? 

Well, I just got off the phone with my lender and she informed me that you must hold title for six months prior to pulling cash out on a refinance. 

I am getting a unsecured line of credit from one of our local credit unions for the remodel. How do I cash out without waiting six months? I know people in here are doing tons of brrrrs per year, are they just coming to the table with more cash? 

I have my eye on an off market better deal but it’s sounding like I’m going to have my money tied up for too long to snag it. Anyone have any expertise on how to cash out sooner? 

As always, thanks guys! 

Help me get into more debt !!!! 

- Syman