How long for a cash out refi - advice before heading to the bank.
I have a local property that I am thinking of buying all cash...My question is once I buy it, a week later can I do a refi cash out? The property is worth much more than the current asking price as its a foreclosure but needs a good solid week's worth of work to get it rent ready. The week would be spent doing the rehab on the property.... I haven't used this strategy yet, but was thinking about giving it a shot but wanted to know what others have to say before I go talk to my loan officer about it. I guess i'm just curious if a property can double its value in a weeks time. I am doing value added rehab...HVAC, plumbing, etc... I am planning to use the cash I pull out to purchase another property...Should I drop that to the loan officer also as incentive to make this work?