As you may have read some of my other posts I am trying to buy a home with 100% finance got that part taken care of. But the house needs some work and I wanted to do a no cost refinance the following day to pull the equity out for the repairs, I plane to flip this property in 6 months or less. Here are the details:
Selling price 115k
Cost to hold, repair, sell, and profit total about 62k on the high side
ARV estimated at 235k
Can some one help on some ideas?
What is the as is value?
As is Value about 125/135k
If the appraiser can provide a solid appraisal showing the your purchased the property below market value then you should have no problem with a no-seasoning cash out refi after the purchase.
Thanks a MILLION
Most lenders or banks will let you do a “Rate & Term” refi without seasoning as long as you purchased the home under its current market value. Refi’ing this way may help you avoid paying the PMI.
FIRST HORIZON HAS A NO SEASONING SECOND USING APPRAISED VALUE
There are also no seasoning/no appraisal refinances available that help you get the cash out of a property that will not clear an appraisal.