I've been buying properties below market value and want to refinance right after closing to pull my cash back out withou

Yes, it’s definitely possible, but it really depends on the lender and the type of loan. Some lenders have seasoning requirements, meaning you have to own the property for a certain amount of time before refinancing. Others may allow you to refinance sooner, especially if you’re working with the right investment loan program. The tricky part is whether they’ll let you use the new appraised value right away or if they’ll base the refinance on your original purchase price. Some lenders may also require improvements to justify the increased value, while others may consider the current market value. I’d recommend talking to a lender who specializes in investment properties and cash-out refinances before purchasing so you know exactly what options you have going into the deal.

If you buy with cash, it won't be an issue, and some local banks might be able to do it. Granite Bank in Minnesota has been especially easy to work with. I have done plenty of cashouts with them within a month or two of closing, but I usually buy with cash or private money.

Yes, it's possible to refinance shortly after purchasing a property without completing renovations, but it depends on how you purchased it and the lender's guidelines. If you buy with cash, Fannie Mae's delayed financing exception may allow you to refinance within six months, although the loan amount is generally limited by your documented purchase investment and eligible expenses, not simply the property's higher appraised value. If you purchase using hard money, private financing, or a conventional mortgage, seasoning requirements may apply, often six months or longer depending on the loan program. Some portfolio and DSCR lenders offer more flexible options, including potentially using the property's current appraised value without requiring renovations, but their terms vary. The key is finding the right lender before closing so you know whether you can recover your capital quickly and repeat the strategy.

Easton, most lenders will make you wait, and skipping the rehab makes it harder to get credit for the new value. If you paid cash, ask about delayed financing. Fannie Mae allows a cash-out refi within six months of a cash purchase, but the new loan is capped at what you put in plus closing costs. That gets your money back. It doesn't let you borrow against the extra equity. For a regular cash-out based on the new value, they generally want you on title for six months first. Some investor and portfolio lenders set their own seasoning rules, so shop a few. Expect the appraiser to look hard at your own purchase price. With no work done, you'll need to show the house was worth more than you paid the day you bought it, so keep the comps and anything showing why the seller let it go cheap. My license is in California, so have a Greensboro lender and a North Carolina agent check this for your deals. Alla Novytska, Realtor®, JohnHart Real Estate, DRE #02254775

Easton, you can pull your cash out immediately or shortly after closing only if you used all cash to buy the property. If you used a traditional mortgage to purchase the home, standard agency rules typically force you to wait 6 to 12 months before you can do a conventional cash-out refinance. Keith Jean-Pierre Managing Principal The Dapper Agents Real Estate Operations in ALL 50 States