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<blockquote data-quote="JMJ Farms" data-source="post: 1639530" data-attributes="member: 24583"><p>Most banks around here only want to loan 75-80% of purchase price or appraised value, whichever is lower. One tool is to get the appraisal done "subject to" repairs and completion. That way if purchase price is $30k and repairs are $30k you can usually get the bank to loan close to the entire amount. I'd rather use their money than mine most of the time. I also have a long term relationship with them so that helps me. It used to be a struggle to continually come up with 20% every time I wanted to buy something. There's usually a one year wait period between purchase and refinance on a mortgage. But on rental property I don't think you have to wait. If you can come up with the 20% then you can get your money back out by refinancing within a few weeks to a couple of months.</p></blockquote><p></p>
[QUOTE="JMJ Farms, post: 1639530, member: 24583"] Most banks around here only want to loan 75-80% of purchase price or appraised value, whichever is lower. One tool is to get the appraisal done “subject to” repairs and completion. That way if purchase price is $30k and repairs are $30k you can usually get the bank to loan close to the entire amount. I’d rather use their money than mine most of the time. I also have a long term relationship with them so that helps me. It used to be a struggle to continually come up with 20% every time I wanted to buy something. There’s usually a one year wait period between purchase and refinance on a mortgage. But on rental property I don’t think you have to wait. If you can come up with the 20% then you can get your money back out by refinancing within a few weeks to a couple of months. [/QUOTE]
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