Need advice on purchase with plans to refi cash out in 30 days OH

[Chris Davis]

Hello fellow BP's. I have a question, I may have a potential deal, its a single family house in Ohio, the owner is elderly and moved out to downsize. She may let the property go for 5K need some work but is in decent condition as is. Estimated value roughly 40K 3 bedrooms 1 bath over 1500 sq ft. My objective is to purchase the house with personal loan, therefore having clear title. Next I would like to refi based off the appraised value within 30 days, cash out of at least 75%LTV. Just wanted to know if this scenario is realistic and if so what is my best option ( i.e. conventional. heloc, etc). Appreciate the insight!

[Ashley St. Gelais]

Hey @Chris Davis

Sounds like a great deal!

Yes, you'll likely need to own the property for 6 months before cashing out.  But that'll give you time to get it all fixed up and rented in time for the appraisal the bank will require.

A : )