@Andrew Postell has a great post about refinancing before the 6-month seasoning without using the delayed financing exception, aka rate and term refinance.
This is the scenario:
Property purchase price - 60k
Rehab estimate - 40k
ARV - 150k
For the BRRRR strategy to work, the refinance has to be 100k. So my question is, can I get a mortgage of 100k at the time of purchase in this case, and then do a rate and term refinance to pull my money out, even though the purchase price is 60k?
Would love to hear from someone who has experience doing this.
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