Refinancing a Quitclaim

[Aja Yasir]

Hello.  My mom is quitclaiming a 2 flat property in Chicago over to me. There are no tenants in it right now.  My husband and I would  like to do a cash out refinance. The property is worth about $45,000. There’s no mortgage on the property. We’d like to use that money to fix up a property we have in Gary, IN and do cosmetic repairs on the property in Chicago so we can rent it out.  We’ve been running into headaches trying to get this accomplished.  My mother in law is a realtor and she’s helping us find refinance options.  1.  Mortgage brokers are telling her the property has to be worth $100,000+ before they’d refinance.  2.  Other brokers are telling her that we have to have the quitclaim property for 6 months before we can refinance.  

Does ANYONE know how we can get this deal done quickly? We need to fix both properties within a month! 

[Aja Yasir]

Thank you both. 

@James C. can we do a HELOC on a property that isn't our primary residence?