Going to the bank
I am going to the local bank with my Mom to see how she can pull out some equity in her house to help me fund my first deal.(hopefully a HELOC) It will be an OO and I am going to refinance after I rehab it to my liking. What questions should I ask the loan officer when we talk to her. Also, would this deal require a 6 month seasoning to refi as well?
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seeing that your mom would be giving you cash to buy your first property, seasoning isnt required for the purchase, HOWEVER, your end buyer's lender may require seasoning.
as far as questions to ask for you and your mom:
1.)is there an app fee (shouldnt be as a HELOC is a consumer loan)
2.) annual fee (varies)
3.) closing costs? (many banks pay these on an OO)
4.) pre-pay penalty and/or early closure fee (typically an early closure fee applies)
5.)max LTV
those should get you started....
if you'd like, post the info on here and we'll walk you through them....