Lets say I buy a property cash and in 6-12 months after I rehab, I decide to refi. and pull out cash.
question 1) The 2nd property that I purchased with cash.. can I refinance that property also or would a lender want to see the first refi paid off?
question 2) After I pay down the refi and I now have 2 properties, would a bank allow me to refinance that property again or no? In other words can you refinance a property again after you pay it off?
Thanks, this place is awesome.
Regarding question #1 - yes, you could refinance the 2nd property that you bought with cash in this scenario since it would be owned free and clear. Assuming, of course, that everything else qualified (i.e. your DTI, credit score, property seasoning, etc.)
Regarding question #2 - if you paid off the loan on the first house, yes, you could refinance it again since you would now own this house free and clear as well.
OK thanks Kyle that's all I wanted to know
You can cash out refinance as long as you have four or less mortgages including the subject property.
Here is some more info that you may find helpful.
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