Updated over 10 years ago on . Most recent reply
Paid Cash on Rental Prop and want to refinance
We paid cash on a duplex and are putting some money back into the property to restore the garage etc. I did not realize it would be tough to refinance the property to pull cash back out to reinvest elsewhere. We paid $30K for the duplex. Putting in about $20K to rehab where needed and take care of differed maintenance as well as to increase rents. Rents now for $1100 total. It would appraise for $80K post repairs. I did not know we could not immediately turn around and refi so that we could pull cash back out. I am hearing that we have to wait 6 months. Anyone have any ideas on how to refi sooner? Clearly we will go into the next deal with a loan, but wanted to see if anyone had any better ideas of how we can get cash out sooner than the 6 months?