Private money cash out refi

[Jason Carter]

I was hoping to do a "delayed mortgage" with private money. Property is 295k. I put down 100k and private money supplies 195k to close with cash. From what I have been reading I can do an immediate cash out, with no seasoning, for 70% of purchase price. Does anyone have any experience with this?

[Jerry Padilla]

@Jason Carter 

Here is a blog I wrote on cash out refinancing; 

http://www.biggerpockets.com/blogs/5110/blog_posts...

To answer your question, you can't do a cash out refinance on a property with delayed financing if you have a mortgage out on the property. You could do that cash out if you paid all cash.

You can do a rate and term refinance.