Mortgaging a F&C property based on appraised value rather than purchase price
I'm 26 years old, have 65k to invest. And two rental properties with positive cash flows on both.
I want to buy a cheap property with all cash, fix it up, get a tennant in ($450 positive cash flow is the goal). But I want to stay as liquid as possible.
So, my question is, is there any way I can mortgage the property at 75-80% LTV quickly based on appraised value NOT the purchase price. I want to be able to tap the forced equity for my next deal.
I've heard you have to wait 6 months or a year after the purchase time to go off a new appraisal. Any way I can do it quicker with a small lender or something?
Thanks!