Options of refinancing

[Jetmir Arifaj]

Good evening all, My name is Jetmir and I'm new to investing in USA. I leave in New York and I just purchased a three unit house in New Jersey. The house was sold in foreclosure. I borrowed the money from my cousins in order to purchase the house. However I have to give that money back in the future. I would like to ask any one of you for help and suggestions how can I refinance. Thank you in advance to all of you. Jetmir

[Upen Patel]

@Jetmir Arifaj Assuming you have the income, credit and savings to support a mortgage, you have two options:

* If you are simply going to rent the property without doing rehab, you can do a Delayed Financing loan right away. This loan will be based on the purchase price.
* If you are going to do rehab and/or you want to do the loan with a new appraisal, then you have to let it season for 6 months. Then a new appraisal can be ordered and loan done against that value.