Immediate Cash Out Refinance - Atlanta BRRRR
Question: Is it possible to immediately cash out refinance a house? My lender is telling me that I need to wait at least 6 months (I am purchasing the property with cash). If this possible and you know a lender that would help with this, I’d love to speak with you!
More details: I’m buying a property with cash for $375k and after rehab, I want to do a cash out refinance for $500k or so. Looking to finish the rehab in roughly 2 months and rent out the rooms. Also not sure how much to rent the rooms out for, so any advice on that would be appreciated. I’m thinking of looking on Facebook marketplace, Craigslist, and furnished finder.
Most Popular Reply
Your best couple of options would be to try to qualify for delayed financing - most lenders want to see this occur in 90 days or fewer and you would need to clarify with the lender the rehab would be included in the LTV. What may make more sense for this one is a cash-out refinance since you will already be doing rehab for 2 months and some lenders can offer a cash-out refinance in as little as 3 months.