Is Is Easy To Refinance Investment Property?
is is easy to refinance investment property after you bought it for cash?
I want to buy an investment property cash with my homeEquity and would like to refinance cashout from wrght after the purchase.
Do i have to wait for the homeownership to seasoned before refinance it?
by the way the property is in NY.
We just did that (bought for cash) and are in the refi process. The appraisal was obtained b4 purchase for 100K, purchase was 61K and we are working on a 70% appraisal refi. We shall see if it goes (stated btw, good credit). Will take another 2weeks if so.
You have wait for some more time nearly three months then you can refinance your property. At that time you can the profit as you want otherwise you may get loss. So just wait for a little more.
[ Edited by pragueproperty on Date 05/14/2008 ]
National City offers a HELOC based on the appraisal, you can take it out the day you buy. For a regular cash out refi, most lenders want to see some serious improvement work before they will lend on an appraisal significantly higher than the purchase price without seasoning.
Chris
how do you create a note on your sub2s?
Correct!