i am looking to buy a $10,000 home in cash in upstate NY , rehab it, and then re-finance it, and then rent it it out and do it all over again…I was told that I would have to wait a year before I could re-finance the home. Is this correct?
It depends on the bank…mine will do it whenever. I do this all the time, but the process should be:
Buy, rehab, rent, refi…this way you can show a rental income stream to the lender…
Keith
Good point, thanks keith…