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Updated over 11 years ago on . Most recent reply

User Stats

169
Posts
27
Votes
Corey Davis
  • Los Angeles, CA
27
Votes |
169
Posts

Quick question about re-financing

Corey Davis
  • Los Angeles, CA
Posted

OK, I can't seem to use the search function today, or the answer is just too vague... Here's my dilemma: underpriced condo in rapidly progressing neighborhood of very desirable city. No rent cap, so no conventional loan, BUT I actually want it as my summer home. ( 4 months a year ) owner is in a bind and wants to cut losses, I'd give my left arm for the condo, just don't have the cash (126k ) and don't want to flip it. It's definitely a buy-and-hold cash flowing property.

Question: once I own this property, will a bank allow me some kind of re-financing to get out of a HML within 4-6 months? Or does it's status as an income condo mean a bank will never touch it?

If I'm renting it out 8 months of the year, and living in it 4 months, does that put it in a different classification?

I need to know how to make this work, it's just too perfect to let go of.

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