Borrowing for first deal
I am looking for a rental property with a conventional loan. I keep losing out on properties that are being bought at all cash and no inspection. I'm new to investing and am looking for my first rental for owner occupy. Is there a way that I can purchase a rental property with all cash and pay back the cash with a percentage on return by me using a mortgage to pay the lender? I'm trying to be the sole owner without other investors being involved long term.
"Rental for owner occupy"? Are you purchasing a multi-unit with the intention to live in one and rent out the other(s)?
So to clarify, you're asking if you can buy cash and then do a cash out refinance right afterwards right?
Yes, essentially and Ideally iwould be living In one of the units.
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#1 BRRRR - Buy, Rehab, Rent, Refinance, Repeat Contributor
- Lender
- Fort Worth, TX
@James Mulrain as mentioned above, if you buy with your own cash you can certainly then refinance after. There's a couple of rules to know about but the essence of this is that it is possible to use your own cash to buy and then refinance after.