Seeking knowledge, advice and seeking fellow investors in my area
Hello Investors,
I am closing on a house on the 19th of this month and I got a few questions for those who are more knowledgeable then I. The house is a half duplex newly renovated interior nice backyard with a porch, drive way, and unfinished basement which I see as potential value or forced appreciation when we decide to finish it. We are buying it at 265k which the seller, who we know could sell it for at least 300k in my area. We are gonna use this property as our primary residence.
My plan is to get this property, refinance to lower mortgage and lower rate. I hear the rates will be going down this February. Pull the equity out of the house, finish the basement for forced appreciation for the long term, and get another property (multi family) all within this next year. Its a lot but I feel like it is very possible with the right knowledge and team to work with. Any and all knowledge will be much appreciated and help me greatly.
Also, if there are any investors in the Connecticut area I would love to get in contact, pick your brain and potentially get some partnership going with future investments. I would like to start networking more.
My questions are:
How soon can you pull equity out of you home and how?
How soon can you refinance?
Did I make a smart play or jump the gun?
How often can you refinance throughout the life of your loan?