CASH OUT REFI question

[Fernando Asencio]

Had a quick question regarding Cash out refi...   I have a property for 3 months now.. paid in full cash for rental investment. 

My question is can i cash out refi on that property if i just bought it like i said 3 months ago? If not whats the wait before i can use cash out refi on it? BOA said 12 months..    

Are small local banks more better than large ones like wells fargo and td bank and bank of america?  I have gotten turned down for loans from these banks..such a waste of time. smh, and thats why i had to use my own money to purchase the property. But now that im seeing another house for cheap with great rental income..id like to cash out this house that i just bought 3 months ago and put the 75-80% on the new property and use some of my money to buy the new property for rental income.  Does this sound good to you guys? Any other ideas you can give me would be great.. I am in NEW JERSEY.

Thank you so much for your time.