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Updated over 3 years ago,
Cash out Refi - Rental property, questions
So I have done some research on this but wanted to see if anyone had any Tips.
Situation: I bought the home for 250k. It is currently under renovation around (50K). So all in 300k. I plan to rent it out in a couple of months when the rehab is done. I would like to Refinance it to pull my (50K) back out. I believe it will have an ARV of around 315k. So my questions are:
1. Do I wait until it is rented to get it appraised and refinance it like the BRRRR method? Or refinance it after the rehab is done?
2. Is there any other fees minus the funding fee I have to pay when refinancing?
3. Is it worth is to use a property manager? Do you recommend an online one? or Traditional local PM company? I understand I will be paying a premium.
This is my first deal! It wont be a crazy money maker but it will be a foundation to start buying more. I appreciate all and any advice!