Answers (3)
- Go Huskers
- Contributions:639
As Brian states, this is a commercial property and you should check commercial lenders to see if you will be able to pull your money back out. It would be easy to do delayed financing for a percentage of your original investment if it were residential, with 5 units... not so much.
- Paul McFadden, "pmcfadden"
- Contributions:221
You may be limited about pulling 75% out. I'm thinking 70% or less. Does that still work for you?
- Brian GFL Capital
- Contributions:207
5 unit properties are considered commercial properties and that can be harder to qualify for than a residential under 4 unit property.
Refinancing an investment property that is purchased with all cash
I'm currently deciding whether to make an all cash offer to purchase a 5 unit rental property. The asking price is $600K but I think I can can make a more aggressive offer with an all cash offer. I have the cash but would like to use it in the future to purchase additional properties. My questions is, how easy will it be for me to refinance the property once I have purchased with all cash in the current financing market? I would be looking to get 75% of the cash back out of the property as soon as possible. Any comments, suggestions, referrals are greatly appreciated. Thanks in advance!
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