How soon can I or should I wait to do a cash out refi

[Martin Guerrero]

Hello fellow investors, I recently bought a duplex in March 226K and put 25% down at 7% interest. I renovated both units approximately 20k and now have both units rented out one at 1500 and the other at 1575. How soon can in I or should I do a cash out refinance. Unfortunately I used up some credit cards to do the work and my credit score tanked from 750+ down to 600 so not sure what the new rate would be or how much I'd even be able to take out based on the recent purchase. :) any advice thoughts or suggestions? Two reasons why I want to do this, I have another opportunity to buy a house, and would need to pay down that credit card debt to get a good conventional loan, I have another property I can do a HELOC on but again would have to pay that credit card debt down to be qualified. Thank you.

[Account Closed]

Since you have owned the property for 3 months, you can cash out up to 75% of the ARV. Current rates would be higher that 7% for a DSCR loan but would probably still save you money monthly if you are paying off high interest credit card debt and the property would still cash flow.