6 month wait on cash-out refi?

[Timothy Gerdes]

I just bought an investment property with cash and planned on refinancing right away to pull money out to buy another place. The lender just told me that I have to wait 6 months. He implied it was a Fannie/Freddie thing. Is there any way around it? What other financing options do I have?

Also, I was quoted at over 5%. That seems really high considering I'm able to get below 3% on my primary home.  Are investment rates really 2%+ more than primary property loans?