Refinance Or Equity/Credit Line?
Hello All,
I just had a question for someone with some experience.
I just purchased my 1st investment property. My plan was to fix and flip to get the cash out. I paid 70k , repairs $4500, Current value 95k. Its been 2weeks since closing and im just about done with repairs just waiting for central a/c to be installed tomorrow. I have 3 year arm ,no prepayment penalties, so my question is. How soon can I pull out equity or, refi and cash out? The reason I ask is because if I can do either of the 2 I will keep the property and rent. :-?
Most lenders need 6 months to a year to refi you and perhaps a HELOC, just spoke with someone who does not have this limitation and can refi with no seasoning and pull out your equity. So, those programs are out there, gotta look though.
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I would go to all of them and make your own decision, as long as you network your butt off, you may end up going to all of them
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