Refinancing a Mortgage & (Taking equity out) for next deal

[Stephen Wiater]

Hi all,

I am acquiring more information about refinancing a property, any info on how it works, how long you have to wait (can it be 6 months or like years)?

In my situation:

I am looking to get a conventional loan 5% down for eing a first time homebuyer in NJ.

I'm looking for a duplex that needs about 20-40 thousand in rehab work, and then live in one unit and rent the other out. (HouseHack)

I've been looking for a good deal I'm hoping to make this happen in the next month or two.

I know I am thinking far ahead, ( maybe too far ahead) but I want to learn more about the refi process and how it works so I am ready for when it is time, because my plan is to buy 2 duplexes in 2 years.

Any and al advice will be much appreciated!

Thanks!

[Michael Cohen]

Hi @Stephen Wiater - conventional loans have a six month seasoning period before you can refinance (except in some circumstances, such as you inherited the property, etc.)