Buying a property with cash and being able to refi cash out within 6 months?

Real estate investor here, I am not a lender. Everything stated is based on my experience and yours can differ.

Yes, some lenders let you refi cash out after 6 months for 70% of the purchase price. After 12 months, it will be 70% of appraised value. This is for homes 1-4 including your primary residence. After house #4, you cannot refi cash out. You will need six months of reserves for each property and this can include retirement funds. You can also include 75% of rental income with a lease in place right away instead of two years now per my lender.

However, there is a new program that even my lender wasn't aware of called the delayed financing rule. He found out that his investors do accept this program after I told him about it just last month. With this program, you can refi cash out the next day after a purchase. Again the underwriting is the same for 1-4 homes with LTV of 70%. After house #4, it goes to 65% but it does allow you to refi cash out on house #5, unlike the program above.

http://themortgagereports.com/633...e-cash-out

Everything I've stated is per my lenders underwriting requirements in Phoenix and will differ slightly per lender.

Don't give up on making offers, I do it all the time. Sellers love not having a financing contingency. Quick story, I submitted an offer for a short sale 200 days ago and I was told last week I have to close in two weeks. It's still possible to get deals, just need to be patient and wait for more inventory to come out onto the market. Winter time is a great time to pick up property as everyone else is busy with the holidays.