My wife and I are new to real estate investing but have some background in dealing with mortgages. We recently bought our first two properties and are almost done with the remodels. My question is what is the best option to pull out our cash? I don't want to wait the seasoning period and I'm weary about doing an ARM mortgage without any experience. I want to try and scale faster than buying one or two houses every six months waiting on the seasoning periods. Any advice would be great! Thank you
Developer · Charlottesville, VA · Member since 2018 · 4k+ posts · 4k+ votes
7y
@Ivan Cole check with some local banks. They may be willing to do a refi for you. Also check with some mortgage brokers (not bankers). They have some more flexibility sometimes.
Developer · Charlottesville, VA · Member since 2018 · 4k+ posts · 4k+ votes
7y
@Ivan Cole check with some local banks. They may be willing to do a refi for you. Also check with some mortgage brokers (not bankers). They have some more flexibility sometimes.
@Greg Dickerson thanks for the reply. I’ve made a list of banks to approach but I’m thinking I need to wait until I have a lease signed before asking for a refinance. Would it be more advantageous for them if I have leases signed or should I speak with them before I get tenants in the rentals?
Flipper/Rehabber · Indy · Member since 2013 · 22 posts · 10 votes
7y
I've been BRRRing properties for 12 years, and seasoning is still my biggest frustration. It's still my favorite strategy and the one I use a majority of the time, with a few fix & flips sprinkled in.