Looking for advice on first BRRRR investment property in Michigan

[Andrea Descargar]

Any advice on how long you should usually wait until refinancing a property after purchasing? I'm new to this and wondering if there is a general rule of thumb on when to refinance the property. 

The property is in a great location in Royal Oak, Michigan, and did not require any repairs except cosmetic things like new paint. 

Thanks

[Joe Hammel]

@Andrea Descargar

Most lenders have a 6 month seasoning. Some will do it sooner.

Did you buy cash and just pulling cash out and putting a mortgage?

If just needed paint, more than likely the value wasn't increased much, so if you already have a good mortgage…then just wait and watch the ARV.

Veryy likely, that Royal Oak will keep going up this year and into next. So just keep watching what it’s market value is and maybe in 1 or 2 years of just market appreciation you will be able to pull some money out.

If you bought last year..and want to refinance this year, your interest rate will be about .75 higher (as of writing this) so again, unless there’s a lot of cash/equity to pull out, it might not make sense…