Hi,
I am currently looking to get started r.e.investing , and have found this property i would like to put under contract. But the thing is…
I was wondering is it possible for me to pull the equity out of the home time i put it under contract, or how long would i have to wait before i can refinance it and cash out?!
Ok, or say i needed to do a couple of repairs to the property, so i was to take out a rehab loan. Do they do those loans in draws even if there is current equity to support it?!.. can you get some upfront?! And what happens if all of the rehab loan isnt used, will i get to pocket the excess?!
What i am trying to do is figure out the fastest way to produce some kind of inpocket profit from this property… other than hml.
You definitely have to close on the property and take ownership before you can pull any cash out. Most lenders require that you own the property for one year before you can use appraised value as opposed to purchase price to pull cash out. Some will only require 6 months. A few only require 3 months.
:cool just my 2 cents here get the property and get it rehabed get it on the market offer seller finance with not less then 5 % down a good intrest rate and terms >>>>> and then sell the note there are many who will buy the note with out seasonning and will not do a big discount as long as your buyer has a 560 or better fico
BUT it sounds like you are a bit tight on the cash now and need some pocket monies ??? THIS is not the place to be then as it will not happen over night >>> if this is your case fix your money problem first then come back to the real estate as you will have a cloudy out look other wise just my 2 cents here