Best way to pull money out of a property after paying cash?

[Ethan M.]

Would love any input on the best way to pull cash out of a property after paying cash.  We like the ability to move quickly by paying cash but are concerned about having our money tied up.  

[Eric Veronica]

@Ethan M.  If you are looking to take cash out with a conventional loan in the first 6 months of ownership then you will have to meet the delayed financing guidelines.  Main takeaways from delayed financing are 

- the value of the property will be capped at the purchase price even if the home appraised higher. 

- you will have to prove source of funds for the purchase 

- if you opened any new unsecured debt when purchasing the home then that debt must be paid off when cashing out. 

If you wait 6 months then these requirements are waived