I'm looking at a single family for 45k. needs a lot of work but I can do it myself for probably around another 40k for a total of 85k. ARV is around 140 and should be able to rent for 1100/month. I have access to a private lender to do this job but my question is how long do I need to wait before I can refinance this home so I can pay back my lender and hold on to this property long term?
Depends on the lender. I've refi'd as quickly as 1 week after closing on a property.
@CJ M. How you refi that quick? Just bought my first property. It's a foreclosure and I'll have the closing next week. Planing to rehab it myself, rent and refinance. What route should I take to have it refinanced ASAP?
Also I see you got to 20 doors in the first 12 months... That's impressive... how did you do it??
Call all local lenders and ask each one the soonest that they can refinance. It varies from lender to lender. Start with your small, local community bank or credit union, and work up from there.
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