Financing First Deal BRRR!!!!

[Account Closed]

Hi Everyone!

We are new investors that have finally found our first deal!!! (fingers crossed) I'm running numbers and going through spreadsheets and asking friends all sorts of questions. I have this one for this group. I and trying to build my deal structure and here is what I am thinking.

Use hard money and some of our money to purchase and rehab the property. Yes, this would impact profit.

Then rent and refinance. 

Here is the question. Just a general bank refinance will work?

Thanks!

Sam

[Brent Coombs]

Conventional bank refinance will work, IF you got it for a sufficient discount ie. you've paid (all-in) no more than 70% of THEIR appraisal after rehab. Otherwise, you'll be leaving SOME of your own money in the deal. All the best. Welcome to BP...