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Updated about 6 years ago on . Most recent reply

User Stats

91
Posts
20
Votes
Vee Vu
  • Real Estate Agent
  • Denver, CO
20
Votes |
91
Posts

How soon can I refinance?

Vee Vu
  • Real Estate Agent
  • Denver, CO
Posted

Hi everyone. I'm planning to buy rental properties in Baltimore, MD and nearby areas. And I really concern about the refinancing, because my capital is limited. I have a few questions:

1) How soon can I refinance after renting out the property? 

2) Will any lenders/ banks let me refinance based on only the rental income of the house? (I don't have a job now). I really appreciate if I can receive some referrals to those lenders/banks. 

3) How to add more value to a property which is bought at the market value? Are there any ways to make sure the appraisal for the refinancing will come at a higher value than the purchase price?

Thank you!

Most Popular Reply

User Stats

27
Posts
16
Votes
JJ Bliss
  • Lender
  • Naperville, IL
16
Votes |
27
Posts
JJ Bliss
  • Lender
  • Naperville, IL
Replied

Most lenders I work with need 6 month "seasoning" which basically means the amount of time you or your LLCs name is on title.  A couple only need 90 days and other its a year.  It really depends on your strategy.  

Asset based lenders are not going to care about your income they will underwrite the asset and check that your credit is over a certain threshold and they will give you a 70-75% cashout based on appraisal value.  Your last question is harder to answer without some more information.  Let me know if you want to talk through it. 

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