Seeking advice on leveraging my properties

[Todd Lansden]

Hello, recently I purchased two homes cash. The first is currently being rented while the second needs to be renovated. I want to somehow leverage my first house to fix up my second. Is it possible to leverage/get a loan on a property you purchased all cash?

[Wendell Clark]

Quote from @Todd Lansden:

Hello, recently I purchased two homes cash. The first is currently being rented while the second needs to be renovated. I want to somehow leverage my first house to fix up my second. Is it possible to leverage/get a loan on a property you purchased all cash?

 Todd,

First, great job!  I am in a similar position.  I am under contract for a full cash purchase.  My lender told me that since I am buying the property for cash, we can do a cash-out refinance immediately.  There is no wait because I paid cash for the house.  Typically, it is six months after your start date of putting the asset in service if you financed the property.  I hope this helps.

Wendell