Who is everyone using for Cash Out Refi for rental properties???

[Jay Leisten]

Finishing rehab on a property in the next 2 weeks and looking to have a tenant in Feb 1. Who are you using for cash outs? I am ready to start deal #2.

[Andrew Postell]

@Jay Leisten have you every done a "Delayed Financing" transaction before? Are you trying to get the cash out in the first 6 months of owning the home? If you are looking for a cash out loan with conventional money they have pretty strict rules on how much you can get a loan for during certain time periods. For example, since you purchased with cash you will be limited to receiving your purchase price + closing costs OR 75% of the LTV whichever is the lower amount but that is within the first 6 months of ownership. If you didn't buy with cash you would have zero option with a conventional loan for 6 months. After 6 months then you can use 75% of the After Repair Value. Feel free to Private Message me if you need. We have a branch in Louisville.