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So I'm purchasing a 6-unit property in cash.
My plan is to purchase the property at $220,000 (way under market). Do some repairs and raise rents to market rent. Then refi the property (ARV $300,000) and take my $220,000 out. Pretty straight forward BRRRR
I'm about to close on this property so I start calling mortgage lenders to start discussing the refi. The first few I called wanted to wait 2 years before the refi.
How long after purchasing a commercial property does it take to refinance it?
My plan was to refi after I do my repairs and get the rent to market rent. (3-6 months)