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Updated over 3 years ago,
Refinance or Buy New First?
Hello BP community,
I am a new investor, living in Florida but just closed on my first two family in Connecticut with private lending. I'm hoping to relocate back north with my elderly mom in spring 2022. I own my home in FL and estimate I can pull out $50K - $60K if I refinance, I want to use a bit to update the FL house and rent it out and then the rest for my next BRRR property. If I refinance my existing home now, would I have to wait before qualifying for a standard FHA or USDA loan for my new CT home? Is there a better order than another for this, like 1. Refi, 2. Buy New, 3. Buy BRRR as opposed to 1. Buy New, 2. Buy BRRR, 3. Refi?
Any insights would be appreciated.