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Updated over 2 years ago,
How to accelerate your Refi
So we just closed all cash on a 6-plex in Las Vegas. Its our first true adventure. Long story short the capital firm we were working with strung us along saying they were going to come through with financing and then didn't after our deposit went hard. We decided to throw everything we had to buy it all cash to continue with the deal. The rents were about 40% under market and is in pretty good condition (needs only 5-10k per unit to really make it shine and look nice). Our plan is to raise rents about 20% to see who stays and will bring it to market value with new leases in place Jan 1st 2023. Who ever moves out, we will renovate.
Our problem is we put a 10k deposit on a pair of duplexes in KS that are new construction which we are set to acquire in Sept 1st. We don't have the cash for them now since we put it all into this 6-plex since we thought it was a real good opportunity.
So, we want to cash out refi ASAP. I have talked to a few lenders and they all say the property needs to be more established with a 6 month record. Does anyone know of a lender who can speed this timeframe up? Or have a more creative solution?
Cheers and thanks for you thoughts,
AI