Fix and Flip Refinance Seasoning Period
I just got done with my first rehab project. I purchased a SFH in bad shape, fixed it up, and increased its value by 90K. It was a clear win. After ti's is done and rented, I approached a small bank to refinance and get my initial investment out (~25k), the bank said they will be willing to refinance and get me to a more traditional interest rate by they will not do a cash-out refi because of something called Seasoning period of 9 months. Never heard of this before. Is this common? How can I avoid this pitfall next time so I'm able to get my initial investment out as soon as I'm done rehabbing? Thank you!