Updated about 6 years ago on . Most recent reply
Scored a deal—what next?
About a month ago, we closed on a duplex that needed cosmetic work and a few minor repairs, which are almost done. I have searched through the forums but still can't decide what our next move will be.
We paid cash and plan to hold the property. Once tenants are in and start paying, we want to refinance as soon as possible so that we can begin looking at another property...though we do understand that often there is a holding period.
We think it's wise to create an LLC and transfer ownership. Since we want to refi, which should we do first—that or the refi?
I'd love to hear your suggestions, warnings, experiences, etc.
We paid cash and plan to hold the property. Once tenants are in and start paying, we want to refinance as soon as possible so that we can begin looking at another property...though we do understand that often there is a holding period.
We think it's wise to create an LLC and transfer ownership. Since we want to refi, which should we do first—that or the refi?
I'd love to hear your suggestions, warnings, experiences, etc.
Most Popular Reply
Shaun Weekes
- Loan Officer / Processor / Life & Health Agent
- Rancho Cucamonga, CA
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@Constancia Russell
Since you paid cash for the property you will most likely be able to qualify for delayed financing. This will allow you to cash out on new appraised value within 6 months.
I hope this helps and have a great day.