re: Suggestion on buying/selling homes?

quote:

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You can't do this. You can only mortgage a percentage of the purchase price, not more than the purchase price. There is no such animal as a cash out mortgage on a purchase. To do a cash out refi later to do what you want you will need to have at least 6 months seasoning on the new mortgage on property 2.

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THIS, I didn't know. Great info.

Not worried about the 2 mortgages, supposing lenders will do. I could supplement what the prop 1 rent doesn't cover, and check into a refi on prop 2 later.

THX much...that'll save me the embarrassment of having a lender tell me this.