Most banks (what my own bank says + from what I have read of other people's experience) require you to wait 6 months ("seasoning") before they will refinance.

Secure the property with a quick (under 20 days) HML, get the property fixed and sold or rented and after seasoning, if rented, do a cash out refi and move into a conforming loan.

I've been kicking around the idea of applying for a HELOC immediately after closing instead of waiting 6 months for a conventional cash-out refinance.I spoke with Wells Fargo and they can do a HELOC up to 80% of the purchase price with no seasoning and I would have the ability to do 80% of the appraised value after 12 months.  

This is a shame and as you will read on this site many seasoned investors give the proper advice but it seems no one listens!  

One season of oppressive bills and you lose the tenant when the lease expires.  

Be willing to partner up with a seasoned investor in the beginning, Sure, you may not earn all the money the deal throws off, but you will be receiving a valuable education that will set you up for continued and lasting success.Focus on your strategy and stay the course, my brotha, and best of luck.

Our strategy is to pay cash up front for purchase and any rehab/upgrades and then refinance after a TBD period of seasoning and increasing rental income.  

The costs can be high especially if you are using a full service management company, and while changing, the Tahoe area still has two distinct busy seasons, meaning 2-4 months of slow time where you may not cash flow.

Whether or not there is a mortgage on it currently is largely irrelevant. make sure you know of about your lenders seasoning requirements and if they do delayed financing, which might be beneficial.

Hi! I've been interested in getting into real estate investment for a long time but just decided to make the leap. Total novice but a quick study and willing to learn from folks who have experience sucess fully in the...