Is this possible?

About Us:

My wife and I have excellent credit, and no debt with the exception of a mortgage on a 4 unit rental property. The property is fully leased and cashflowing nicely.

About the Deal:

We’re looking at two 4 unit houses from a distressed seller. They would be sold as a pair to me for $135K, ($67.5K ea.) Repairs should run about $70K ea and ARV should appraise at $215K-$225K ea.

Cost pair $135K
Repairs $140K

ARV $430K

I will pay cash for the houses and repairs but really want to get my $275K back in the refi. Is this possible?

Will a bank lend 70% of the $430K ARV or of my $275K costs?

Any help will be appreciated.



 Will you please let me know what state your in?


I am in RI.


Banks are difficult. It doesn’t hurt that your credit and financials look good. They may very well require ownership seasoning of 3-6 maybe even 12 months before you can do a refi. Banks could vary on whether they use the current value or the amount you put in. I would start talking to some lenders, mortgage brokers that work with a lot of different lenders could have more and better options for you.

the problem is paying cash you can’t get a mortgage for (is it 6 months?),however,if you maybe had someone you know or are related to loan you the money for the purchase/rehab, and you had a mortgage with them, you could refi…