Refinancing a Property Bought with Cash
Hello,
I am working on my first deal, which is a single family home worth about $60,000. I have a great relationship with the seller, and I believe I'm going to be able to get it for ~$10,000-$15,000 as he is getting rid of all his rentals. There's also a second property of his that I would like to buy (worth ~$77,000). I thought about paying cash for the first property, and then refinancing to pull equity out so I could also pay cash for the second property (will probably get it for ~$30,000-$40,000). To ensure I end up getting both properties, I want to be able to refinance as quickly as possible to have cash for the second property.
Is there a six month seasoning period before you can refinance a property you paid all cash for like there is with bank financed homes?
I thought about just doing an investment loan on both of these properties, but I'm not sure the bank would give me two mortgages right off the bat since I'm a new investor.
Happy to provide any additional info needed. Thoughts?