Which route to go for refi?

[Tom Camarda]

Greetings all,

I have recently purchased (and am in the process of rehabbing) 2 properties for buy and hold out of my home state. One is a 2/1 and the other a duplex (also 2/1's) Both were purchased with cash at 75-80% of the ARV. Both should cashflow nicely once tenants are placed and after the rehabs are done (this month). My question now is regarding the refinancing. Should I try to refi these together? Should I wait 6 months to season or is it better to get the deal done sooner than later? Would I qualify for a portfolio loan? ( These are rental properties #'s 3&4 for me) Should I try for a Fannie Mae conventional on one (for the low interest rate and then go bank loan on the duplex?

Interested to hear what some of you all might to do pull your cash out in this scenario... Thanks for the help.. 

Tom C

[Tom Camarda]

Thanks everybody. It's a little tricky, Fannie Mae wants to see 6 months of reserves for EACH property in the portfolio. Not a problem now but around prop 6 or 7 it might be... That said, delayed financing through FM is probably the route to go, since although I won't be getting 75% of the ARV, I will still be getting a low interest rate and the props will still cashflow...

TC