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Updated almost 5 years ago,
Cash out refi on 12unit multi family
Owned a 12 unit multifamily for 12months. Purchased for 360K and put in 70K in repairs. Rental income 80k for the year. Property now running stable with NOI per month at approx. 6k. (month 13 and onward). Considering doing a cash out refi on property. Question. As I have shown only 10K in NOI in total in entire first year - should I wait for more months of positive months of 6K cashflow before trying to do a cash out refi? Any tips on where to start looking for cash out refinancing on large multi-family units? Thanks.