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Updated over 3 years ago on . Most recent reply

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67
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28
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Corbett Brasington
  • Rental Property Investor
  • San Antonio, TX
28
Votes |
67
Posts

BRRRR - Hold requirement before cash out refinance?

Corbett Brasington
  • Rental Property Investor
  • San Antonio, TX
Posted

Is there a time requirement of how long I have to own a property before I can do a cash out refi?

Assumption is I am doing a BRRR.

Example: 

Month 1: Buy property and rehab it (est 30 days)

Month 2: get it appraised after rehab.  Can I get the cash out refinance at this point assuming the appraised value is actually higher?  This the property would be owned by me for only 2 months here.


And finally if there is this type of time requirement is it lender or product specific?

Most Popular Reply

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901
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548
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Jared Hottle
  • Real Estate Agent
  • Cedar falls IA Waterloo, IA
548
Votes |
901
Posts
Jared Hottle
  • Real Estate Agent
  • Cedar falls IA Waterloo, IA
Replied

If you are trying to get fanny mae financing on the refiance you will probably need to wait 6 months. If you are using an in-house product with commercial financing talk to the bank. I have heard some doing it as soon as you want. Some having a seasoning requirement. 

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Jared Hottle Real Estate
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