Hello, We are in the middle of finishing our BRRRR and am in need of a mortgage contact that would refinance our cash property (small multifamily) in Cleveland, OH. We will close in 2 weeks time, but already looking to start the process of refinancing so we can repeat. If you have a contact, please let us know. Thanks
Brian and Tiffany
Put a lien on the home for the amount of the purchase price plus rehab. Then your refinance is a rate term and not a cash out and not subject to six month waiting period.
You're trying to get that cash back ASAP huh Tiffany!! I know that's right!! Open up that yellow pages and let your fingers do the walking. Call every local bank around until you get your answer.
Hey, thanks guys. I will look into putting a lien @Todd . Thanks. @Lamont, yes sir. Trying to add 6 to my portfolio by the end of the year. lol
What will be the property value at the time of the refi?
65K is what we are projecting for ARV.
If you are paying cash for the property, There are ways to go about structuring the deal at the time of closing on the property to get more of your cash back at closing. But, there are no guarantees. Fannie Mae is getting more strict on how the closing documents and fee’s are structured. I just want to give you a heads up on this so you are aware, that it may not be as easy as it used to be to include renovation costs.
If there are liens on the property, they can be refinanced with conventional and no seasoning requirements.