Cash Out Refi on Property Owned Outright
Hey BP community! Does anyone have experience owning a house outright and then getting a mortgage on the property? I plan on using this capital to invest in another property in May of 2020. I purchased the property outright from the city (very affordable) and have been working extremely hard rehabbing the property from the ground up. We've put in new electrical, replaced radiant heat with all new HVAC and just about everything else from drywall to restoring 100 year old hardwood.
My question is, how difficult is it going to be to get it appraised high? What is the lender looking for? How does the process work? Is there anything I should look out for?
Thanks everyone! I appreciate any and all input. Happy investing.