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I don't know how to phrase this for an accurate search so I am going to ask this here:

I will be in a position once I return home to perhaps pay full cash for my first investment property. The cash will be mine and for this question I am going to use the hypothetical number of $50,000. My question is this: Once I have paid for the house, then repair/upgrade it and have it ready to rent out and the appraised value is hypotheticaly $120,000 how do I go about getting the money back out of this to begin another purchase? Also is it too big of a risk to just buy a place outright like this with my own cash? Will it take to long to to cash out?

Thanks in advance. 

@Andrew Emery  If you buy a house under value and renovate it the bank will usually want to wait 6 months from the purchase date to put a loan on the appraised value (prior to 6 months they will do purchase price plus repair costs) 

The lending requirements (credit score, DTI, reserves) are the same if you are buying new or currently own so make sure you meet standard lending requirements

Brie Schmidt, Real Estate Agent in Illinois (#471.018287) and Wisconsin (#57846-90)

Refinance.  First, find the lender you will use, then find out the requirements that lender has for refinancing.  Then, aim for those requirements.  When you reach the seasoning period, usually between 6 - 12 months), pull the trigger, refi, and use that new cash to buy another...then rinse and repeat.

Can you buy the house without going cash? Perosnally while it is a little more work in the beginning buy the houses with as little as possible. (i.e. we love leverage). We usually know the house will have alot of value once we fix the issue (short sale, foreclosure cosmetic, etc). So we do the reverse which allows us to save costs and use our money for multiple deals at the same time. There are ways to get deals even when you are competing against cash buyings.

Originally posted by @Elizabeth Colegrove:

Can you buy the house without going cash? Perosnally while it is a little more work in the beginning buy the houses with as little as possible. (i.e. we love leverage). We usually know the house will have alot of value once we fix the issue (short sale, foreclosure cosmetic, etc). So we do the reverse which allows us to save costs and use our money for multiple deals at the same time. There are ways to get deals even when you are competing against cash buyings.

 Use OPM.  Partner with someone who does have the cash.  Use the first property as a starting point.  Eventually, you may not need that cash partner anymore.

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