Hey Justin,
Banks will often want 4-6 months of seasoning before they'll let you refinance. But if you have already talked to a bank and they're allowing a 2 month period, then that's great. I agree with the 5% or CapEx, if that $5,000 repairs is going towards those CapEx items, but I would suggest bumping the repairs up to 7%. Other than that, if your numbers are correct, it appears like a good deal!
- Lucas Duce
Rental Property Investor · Orange County, CA · Member since 2018 · 98 posts · 138 votes
7y
Thanks @Lucas Duce. Just got off the phone with a lender and she said 70% LTV with a 6-month seasoning is required. I'm going to be bumping up the rehab cost to about $15k. My parents did a quick walk-around and saw that all windows need to be replaced, driveway re-paved, etc. Thanks again!