BRRRR strategy hiccup

[Allan R.]

I recently bought an inhabitable triplex, made 40k of repairs, got all units rented out, and now have been told I can not refinance cash out unless I hold the property for 6 months. 

I want this cash so I can repeat the process. I believe the lender I chose is restricted to Fannie Freddie Mac guidlines, is there any validity to his statement? 

Has anyone else ran into this problem?

I am also in a high interest 11 percent loan that I would love to get out of. What do you guys think?

[Jonathan W.]

@Allan R.

Yes. Most are 6-12 months. Some small bank portfolio lenders might do sooner.