Buying cash or financing
Hi Everyone,
I am looking into buying my 1st rental property and my goal is to constantley get the money out and buy the next one, so my question is when you take a loan the bank usually requires you to put down 20-25% even if you are getting a great deal, so lets say I am purchasing a property valued at 200k but I am buying it for 100k the bank would only fund 75k, how long would I have to wait to refi and get the full 100k if not more out being that the value is really 200k and if they are willing to loan you 75% that should be 150k that I can get out, and is it quicker to pay the 100k in cash and then go to the bank and ask for a refi would that be an easier/quicker way of getting my money out.
Thank you