Contractor · Fort Myers, FL · Member since 2019 · 18 posts · 3 votes
I just bought a condo for $72,000 (appraised for $90,000)
I put $18k whole remodeling . I’m living it now , It worth $120-129k . I was wondering if the best option would cash out finance it and go to another deal and keep the condo as a rental or live in it paying the mortgage . Or Sell it . What’s the best option ? Would i be able to get financed since i just bought it ?
Lender · Richmond, VA · Member since 2017 · 47 posts · 10 votes
7y
Getting it refinanced after just purchasing isn't the problem. In a situation like this, you'll want a private lending company, and they won't lend if you're living on/in the property.
Lender · Richmond, VA · Member since 2017 · 47 posts · 10 votes
7y
Getting it refinanced after just purchasing isn't the problem. In a situation like this, you'll want a private lending company, and they won't lend if you're living on/in the property.
Contractor · Fort Myers, FL · Member since 2019 · 18 posts · 3 votes
7y
@Tim Johnson My ideia is get some cash to buy my next deal . I do all the work as i’m a remodeler so i need cash for the purchase of the house and for material the rest i can do .
Lender · Rochester, NY · Member since 2014 · 3k+ posts · 1k+ votes
7y
@Michael Almeida
Did you pay cash for the property?
If so, you can cash out based on appraised value with conventional up to a max of your initial investment. Purchase plus closing costs.
You can cash out refinance based on appraised value without this ceiling limit at 6 months or if you used financing initially with conventional. A primary home SFR you can get an LTV of 75%.