Advice needed: How to cash out refi after owning for only 2 months?
We have 6 deals under our belts, 4 of which were buy, fix, hold (conventional financing). 2 were buy, fix, sell (hard money). We are one month into fixing a project house (hard money loan), we have decided to refi it into a rental. Lenders are saying we cannot cash out refi immediately after owning for only 2-4 months, how are y'all cash out refinancing after flipping? Are we overlooking a hack? We understand that we can refi, and then pull the downpayment out with a HELOC, is that what y'all are doing to buy the next flip?
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Perhaps you want to just park money in a safe place. But as far as rental numbers go $3200/month on 600k asset is really low. Unless you are expecting some big appreciation in coming years not sure why you would choose to hold on to this one.
Obviously, all markets are different but even today you should expect better than a .5% deal. That doesn’t even cover a 80% loan, at 7%, 30yr am.
In my market of Indianapolis you could get a nice small multi and expect 5k or more per month for 600k.