How soon is a buyer able to do a cash out refinance ?
For most banks you need seasoning for 6 months.
There are a few hard money lenders who allow 30 days.
@Asprulole Vue How soon after what?
@Michael Slockers for me specifically, I haven't bought a yet so I was just wondering how soon am I able to do this after I close on a house
How are you funding the purchase? Cash?
I'm not sure all the details but if there is any rehab involved, you should get that rehab money onto the settlement statement. 6 months or a year may be the waiting period for a typical mortgage. I think local Banks and portfolio lenders could do it in a shorter window of time typically.
I have done this before where we did a bridge loan and closed it within 3 months of the purchase on a 30 year fixed. I used Sierra Pacific to get that done. Maybe call them up.
A buyer can cash out refinance his current lender within 1-60 days of closing on the real estate for 75% of the purchase price.
If he would like to cash out 75% of the higher appraised value, then he needs to wait 6 months from closing date.
@Jim Blackburn I dont me to interrupt, but I'm just now starting out and I want to do Rentals, but if I buy a Rental Property straight up cash, then put it in my LLC, then fix it up and Rent it out, how can I get Refinancing on it if it's in my LLC, cause I heard Lenders dont want to Loan to LLC'S
@Quinton Bogle plenty of local Banks will do business type loans with LLCs, but generally not on the same terms as a conventional loan.
If you want conventional, keep it in your own name. You could transfer to LLC after you get the loan assuming you are aware of potential risks of doing that.