Rental Property Investor · Member since 2019 · 2 posts · 0 votes
I am just starting out, I have 3 properties under contract and will be closing soon. Two need significant repairs while one is fairly straight forward.
My question is, since I’m paying cash for the purchase of all 3, and paying cash for the renovations of one of the properties. Can I cash out refinance immediately after construction is done, or do I need to wait a certain amount of time? Renovations would likely only take about 2 weeks on the one property and the equity in the one property would be more than enough to pay for the renovations of the other 2.
Most banks will allow you to refi based on the purchase price and documented repairs immediately after construction is complete. For a refi based on the new appraised value you would either have to wait out some form of seasoning period or go the Non QM loan route in which you can find a few lenders with as little as 30 day seasoning period requirement