HELOC vs Cash Out - Time is of the essence
So i recently bought my first first investment property SFH. Went in with my Dad as are first attempt in REI. He currently has title and loan in his name, intention was to rehab and cash out refi once finished.
We now plan on moving into the new property and renting out are current owner occ.
I need to get on title and put loan in my name. Need to refi to owner occ. As myself and wife will be moving into house.
Options right now are:
1. Get onto title and wait 6 months to cash out refi because the bank needs the house to season with me on title. Then cash out refi, get loan in my name at owner occ.
2. Refi owner occ now, get on title and loan in my name. Then do a owner occ. HELCO to access equity to purchase next property.
Current mortage is $140k
ARV = $280k
Into house now after rehab for $210k
Option 1 would not close until March 2018, really stalling my current plans and slowing all the momentum i have completing my first deal and knowing we can do it.
Any advice, words of encouragement or ideas would be much appreciated.