Skip to content
×
Pro Members Get
Full Access!
Get off the sidelines and take action in real estate investing with BiggerPockets Pro. Our comprehensive suite of tools and resources minimize mistakes, support informed decisions, and propel you to success.
Advanced networking features
Market and Deal Finder tools
Property analysis calculators
Landlord Command Center
ANNUAL Save 16%
$32.50 /mo
$390 billed annualy
MONTHLY
$39 /mo
billed monthly
7 day free trial. Cancel anytime
Private Lending & Conventional Mortgage Advice
All Forum Categories
Followed Discussions
Followed Categories
Followed People
Followed Locations
Market News & Data
General Info
Real Estate Strategies
Landlording & Rental Properties
Real Estate Professionals
Financial, Tax, & Legal
Real Estate Classifieds
Reviews & Feedback

Updated over 4 years ago on . Most recent reply

User Stats

25
Posts
2
Votes
Westlake John
  • Brooklyn
2
Votes |
25
Posts

using funds from cash out refinance to fund down payment on inv

Westlake John
  • Brooklyn
Posted

Currently in contract for an investment property, I am doing a cash out refinance at the same time to fund the down payment


Question: For the cash out refinance will that need to close before we close on investment or can both closings happen on the same day?

I am wondering since I am using funds exclusively from a cash out refinance, do I need to deposit the funds in my bank and then close on the investment property a few days later? 

Most Popular Reply

User Stats

653
Posts
313
Votes
Eric Johnson
  • Lender
  • Chicago, IL
313
Votes |
653
Posts
Eric Johnson
  • Lender
  • Chicago, IL
Replied

The only way to know for sure is contact your title/settlement agent for your new acquisition and your refi. Make sure you tell them exactly what you want to happen, don't assume people know what you're thinking. Once you make the ask, they'll let you know for sure if it's doable or not.

If it is, feel free to ask execution based questions (ie how will this actually work and is there anything I need to do to make sure it can work). 


Never assume anything in real-estate, that's where you run in to a lot of issues because then people start telling you, you cannot do 'x' thing because of some missed details. 


Good luck my dude

Loading replies...