How soon after closing escrow can you get a cashout refi?
Hi guys! A little about me, I have been lurking around BP for about a year, listening to the podcasts and reading blog posts. I saved up some money over the last couple years and just put an offer for 25% down on an awesomesauce property from Roofstock. I'm stoked to start learning more as everything related to renting that property unfolds.
Here's my background:
I make about $45,000 a year, sometimes more (I'm a personal trainer in Los Angeles) and my goal is to buy ten properties minimum over ten years. All around 100k-150k in different cities. I love Roofstock's set-up, it makes it easy for me to buy in a more affordable market than LA with tenants and options for property management and financing in place. I figure over ten years I'll be able to purchase five properties with 25% down while simultaneously getting a cash out refinance on those five properties to buy five more. That's where I'm starting anyways-as I learn more I'm sure my strategy will evolve.
If I cannot qualify for those loans I plan on partnering up with my boyfriend and being the capital while he helps me cosign as together we make over 100k.
So, here is my question:
How soon after closing escrow on a rental property with 25% down can I cash out refinance for another rental property? And if I apply for another 100k rental property, what's the likelihood I'll get the loan with $50,000 income and two mortgage payments (both paid by tenants)?
How realistic is my plan? Any feedback is appreciated from those that've been doing this longer than me!