30 yrs Conventional -> Rehab (Cash) -> Refi to cash out?
Hey guys,
I have a couple of rental properties in the Mid West. I'm looking into buying a run down, Home Path MFH (300-400k) price range then fix it up using cash (around 100k) and my contractor who does good job at very competitive price.
My finance is great and I have no problem securing the mortgage for the house and also have the cash to fix up the place. My questions are:
1) Can I get another 30 years conventional loan after the rehab at 80% of ARV? Can it be from the same lender?
2) How long do I have to wait after the rehab is done to refi (seasoned)? I have heard mixed stories, some say 1 years, some say right after rehab.
I have had 3 years of Landlord experience (with tax return to prove). I have searched the forum, it seems like most people go with a private lender to buy the place, then rehab and get a 30 yrs fixed mortgage to cash out. I don't want to go through a private lender.
I have also looked into HomeStyle Renovation Loan but it seems like it requires a lot more paperwork just to get approved and release the renovation payments. I also have to hire full licensed contractor which will increase the rehab cost substantially.
Appreciate your insights.