New investor questions on BRRRR

[JonPaul Kessinger]

Hey guys, I'm a brand new investor looking to start my first BRRRR. I'm looking at buying a fixer-upper for 35-40k in cash, then pulling my money out on a refinance. My question is since I'm buying a home in cash do I have to wait to refinance it or can I a few months after I buy it?

This house is located in a decent area with mostly 80-100k houses around it (good in my area of southern WV). I'm looking to refinance it fairly fast because my boss is selling his house in 2-3 months and is going to give me a deal on it. It has a newly renovated apartment on top of a detached garage and the house itself has had a new roof, kitchen, bathroom, and flooring, all within the past 4 years. 

[Ron Brady]

A normal purchase will very typically require 6 months of "seasoning" before refinance.  There are very few lenders who will not require this.

The BP expert on this, in my view, is @Andrew Postell.  If you search for his posts on the forums, you'll come away with a) a PhD on this topic and b) a potential work-around. Here is one place to start: https://www.biggerpockets.com/...