All Forum Posts by: Al Turner

I came across a what I think is good deal in Chicago and I have a simple question that I do not really know the answer to:

If I purchase a property cash, how soon can I do a cash out refi?

Is it as simple as ordering an appraisal with the bank and cashing out?

Yea...

@Brie Schmidt & @Mark Ainley , this is all good news. Also, just talk to the loan officer at my bank and the deal might be a go if I get the total taxes of all properties. If they are under 4k then I am good to go.

@Mark Ainley I will email you.

@Brie Schmidt it is only 3 units total in the buik

Thanks, Mark. What is the technical name for the document?

Ok. I am going find out what my bank process will be for separate purchases. I will let you know how it goes. Keep your banker # handy. Thanks

@Brie Schmidt I will contact my realtor and find out. But they are currently rented with leases expiring in September, November, and December.

Asking 200k

Down 10%

Total rents $3500

I have a 3 unit condo property in Chicago I am interested in that was foreclosed on and the bank has the property back. The bank is selling the property as one with 3 deprecate pins. I called my bank and they will not finance? How is any different than buy a property with a lot? What strategy can I use to acquire the property.

What is the general waiting period before you can refi on a owner occupied 4 unit? If I closed on the property tomorrow, can I refi the next day?

@Brie Schmidt

Going