Hi Everyone: I am going to pay $100,000 cash for a house and it will take approx. $20,000 to fix it up which I will use cash to do this as well. After it is done, I plan to rent it out and hold the property long term.
My question is, once I purchase the property is there a way I can take a loan on the house to get my cash back? I would like to purchase my next property with that cash.
Where is the 100 k comming from to start ?
And is or will there be any equity in this place in the start?
Most lenders require 6 months on title before they will allow you to cash out.
The 100k is coming from another investment I have that I am cashing out. The appraisal should come in around $150k.
DN is correct.
Most lenders are requiring between 6-12 months title seasoning in order to pull cash out, which is the type of loan that your looking for. There are some lenders that may do it at less than 6 months depending on the source of the cash used to purchase and the details of the purchase and the later refinance request.
The better way to approch this in the future is to just buy the property via non owner occupied loan, such as a Fannie / Freddie and then you wont need to pull cash???