How long do I need to own a rental property before I can refinance?

I purchased a single family home REO with cash (no mortgage), did some repairs, rented it out and I’m now looking to refinance and buy some more properties. I’ve only owned the property for just under a month. How long should I expect to wait before I can mortgage the property at 75-80% LTV with a 25-30 year term? BTW I have excellent credit and my debt to income ratio is fine.

Steve, if you want to do a conventional loan (which is what a 25-30yr fixed would be) then you’d need to wait 6 months for cash out.

However, if you wanted to go with a commercial loan then you’d probably be looking at a 20yr with a 3-5yr ballon. Cash out with no seasoning isnt usually a problem as long as the deal makes sense.

Ok sounds good.
What can I expect to pay interest and points?
O, I forgot to mention the property value in this area is low 50-60,000 but it rents for $600.00 a month + utilities. With, only 75–80% LTV will any lenders do that small of a commercial lone and who are they?
Thanks again

You’ll need to call around to banks to get more info as commercial loans can be specific to certain markets. Either that or find someone that’s already found them and can help coach you on what commercial lenders look for.