Private Lending & Conventional Mortgage Advice
Market News & Data
General Info
Real Estate Strategies
Short-Term & Vacation Rental Discussions
presented by
Landlording & Rental Properties
Real Estate Professionals
Financial, Tax, & Legal
Tax, SDIRAs & Cost Segregation
presented by
1031 Exchanges
presented by
Real Estate Classifieds
Reviews & Feedback
Updated almost 5 years ago,
No seasoning cash-out refi for low-value BRRRR in MO
I bought a single family house in Missouri for $30k cash. A month and $10k later it is worth ~$85k and rented out for $800/mo. I would like to tap that equity ASAP, then refinance into 30 year conventional after the 6 month seasoning period.
Fannie rules for the delayed financing exception limit me to the initial $30k out during the initial 6 months. This is a small enough loan that I doubt I can find conventional financing, even though it'd be <50% LTV and cashflowing.
I have several deals on my plate with similar numbers, and expect to find myself in a similar situation repeatedly. What sort of product / lender should I look for here?
(My credit is 760. I have a low DTI and high AGI.)