Updated almost 11 years ago on . Most recent reply
loan when you own 6 properties.
I have 5 mortgages (4 rentals plus my personal residence) and I think I can get my 6th property for a 50K purchase price. It needs about 25K repairs. After repairs it should appraise for 100K. Based on a 75% LTV ratio I should be able to get a loan for 75K, right? What is the best way, if at all possible, to get a loan for that 75,000? I do have the option to pay cash for the home and then re-fi if needed but I am unsure of the seasoning requirements. Can I re-fi immediately after repairs are made and can the loans be based on Appraised value of 100k and not the purchase price of 50K? any insight ?