Refinancing 100% of purchase price
So, I have an eye on my property that's a HUD property. Its about $40K. I want to make offer at $35K. ARV is about $120K after about $40K or so of rehab. The deal is a little bit tight, but can always be rented out for a year to recoup some of the money before flipping it..
My question is if I pay $35K cash, can I refinance it the next day to the tune of $35K? Exactly what I paid, so I can be somewhat liquid for my rehab. Also, I will be buying it through my LLC. Again, I am not trying to refinance it for 75% of ARV or anything like that. Just 100% of purchase price..