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Updated over 8 years ago on . Most recent reply

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14
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Matt Pagano
  • Investor
  • Corona, CA
7
Votes |
14
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Delayed financing and Cash out

Matt Pagano
  • Investor
  • Corona, CA
Posted

I have purchased my third rental using cash for the purchase and repairs. As an example if the purchase price of the home was $30,000 and repairs were $5000. What would be my be course of action to get that entire $35,000 back? I understand that the appraisal value after repairs will dictate how much cash I could pull but for this example let's say it appraises for $65,000. My first rental I've owned for 9 years and my second for 3 years. I'm not sure if that has any barring on the issue but wanted to give you as much info as I can. Also, I know my debt to income ratio is tight and may become a factor. Unless there is some way to side step that factor all together.  Also, waiting the 6 month seasoning period would not be an issue.

Thank you for your help.

Most Popular Reply

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2,178
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1,437
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Albert Bui
  • Lender
  • Bellevue WA & Orange County, CA
1,437
Votes |
2,178
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Albert Bui
  • Lender
  • Bellevue WA & Orange County, CA
Replied

your recourse would be that you need 35k to be 75% of market value so you can get all of that 35k back, AKA appraisal of $46,666.67.

If it appraises for 65k then you can get out more than you put in.

You'll need a min of 6 month title seasoning (own it for 6 months legally on title) prior to closing the new cash out refinance.

  • Albert Bui
  • Loading replies...