Cash Out Refinance (Cash Use)
Hi everyone, I am a 21 year old kid from the small town of Benson MN. I just bought my first house on a contract for deed and bought my second house as a rental using a conventional loan. I want to keep the momentum going but it is pretty obvious I am not going to just be able to keep getting conventional loans because I will run out of money on the down payments. On this first rental I plan on rehabbing it and create some forced appreciation. My question for the BP community is if I did a cash-out refi on this property after rehabbing it can you use that equity as the down payment on your next loan for the next rental property? Thanks