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Updated about 6 years ago on . Most recent reply
How soon can I refinance?
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
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.