Thanks for the info on the refinancing. I take seasoning to mean time?
Here are some of the details on the property-
The home is a 2 bed, 1 bath, single family fixer-upper priced at about 30% below market value. At a minimum it needs a new roof, a little sheet rock repair here and there, paint, and carpet. To make it look real nice - siding, CH&A, and a little remodeling in the kitchen and bathroom. Repair range is $3500-8500. Profit range could be anywhere from $3000-$6000 if I turn around and sold it again.
I haven’t decided for sure if I want to rent it out or sell it. If I rented, I could net $150+ a month. However, I’ve never been a landlord before.
The wheels in my CREative mind have been turning. Does anyone know if the following scenario can work?
I’m getting a first mortgage on my house (it is paid for). The bank is giving me a 75% LTV cash out loan. I’m going to use the loan to by a rental property. Can I, a few months down the road, refinance the loan at 90% LTV no cash out, and walk away from this closing with cash to purchase another property?