Mortgage Broker St Louis
Hello BP,
I am an out of state investor. I am looking to buy cash properties round 25-50k, putting in about 20k of rehab, and refinancing the property as soon as possible, cash-out, and using the cash to buy another property and repeat the same process. I'm hoping to refinance for the full cash value that I initially bought the property for. I was wondering if you have any background getting financing on rehabbed properties.
I would want to make sure I would be able to refinance as soon as possible, falling under the "delayed refinancing exception" from Fannie Mae. Also, I was planning to put my rehab costs into the my original sale price of the home (for example if I buy the property for 50k and rehab costs are 20k, I want to be able to refi-cash out and get 70k of cash), so that when I refinance, I get cash back for the money I used to rehab the house.
How quickly can you typically get a property funding?
Looking forward to hearing from you.