Team, I am in the of puchasing an investment home (In escorw now) and this needs work, outdated property but still can be financed.
My intial thought was to buy in cash, rehab and then finance to take the cash out. The intent is not for flip but for rental.
- As I was talking to lenders some of the suggested to go for finance as a purchase since that can have little less interest rate in relation to refinance ? <== Is this correct?
- Are there any time restrictions for cash out refiance ? It means - as soon as the property is renovated, I can cash out, right? Assumption is - I buy with Cash
- What is the best strategy? If my sellers agrees for longer escrow - does it make sense to go for purchase with finance to reduce escrow costs?