Updated over 3 years ago on . Most recent reply
Refinancing
I just put my first investment property under contract (duplex) I'm already thinking about the next one. How soon into a mortgage can you refinance?
Most Popular Reply
No one has actually answered your question yet- in about 95% of the cases, you need to wait 6 months- that's for a conventional loan. Sure, you could find private, hard or portfolio lenders, but chances are the terms would completely defeat the purpose of what you are trying to do- that's expensive money. Presumably, you are trying to get long term financing with the best terms you can? Conventional loans are the way to go for as long as you can get them.
If you are trying to BRRRR- force equity and roll it from property to property, plan on a six month seasoning period for every new acquisition. After you've done a few and build up some cash and a buffer, you will likely have a few more options.
Good luck!
- Corby Goade