Skip to content
×
PRO
Pro Members Get Full Access!
Get off the sidelines and take action in real estate investing with BiggerPockets Pro. Our comprehensive suite of tools and resources minimize mistakes, support informed decisions, and propel you to success.
Advanced networking features
Market and Deal Finder tools
Property analysis calculators
Landlord Command Center
$0
TODAY
$69.00/month when billed monthly.
$32.50/month when billed annually.
7 day free trial. Cancel anytime
Already a Pro Member? Sign in here

Join Over 3 Million Real Estate Investors

Create a free BiggerPockets account to comment, participate, and connect with over 3 million real estate investors.
Use your real name
By signing up, you indicate that you agree to the BiggerPockets Terms & Conditions.
The community here is like my own little personal real estate army that I can depend upon to help me through ANY problems I come across.
Starting Out
All Forum Categories
Followed Discussions
Followed Categories
Followed People
Followed Locations
Market News & Data
General Info
Real Estate Strategies
Landlording & Rental Properties
Real Estate Professionals
Financial, Tax, & Legal
Real Estate Classifieds
Reviews & Feedback

Updated about 6 years ago, 11/05/2018

User Stats

26
Posts
10
Votes
Martez Bynum
  • Memphis, TN
10
Votes |
26
Posts

HELP WITH BRRRR IN MEMPHIS TN.

Martez Bynum
  • Memphis, TN
Posted

Does someone knows were a good bank is in Memphis tn. to go for a BRRRR?

User Stats

345
Posts
365
Votes
Mike Dorneman
  • Rental Property Investor
  • Drums, PA
365
Votes |
345
Posts
Mike Dorneman
  • Rental Property Investor
  • Drums, PA
Replied
@Martez Bynum Any and all Banks will BRRR. However they aren’t going to call it that, nor will they likely know the acronym. All banks would be happy to refinance a property that has equity in it. What you need to find is a bank that offers the LTV you are looking for and allows you to refi within the seasonality timeline that you are currently in. Best option is to attend a local RE meetup and ask around. Try to search on Facebook and you should find one. If not, start one.

User Stats

26
Posts
10
Votes
Martez Bynum
  • Memphis, TN
10
Votes |
26
Posts
Martez Bynum
  • Memphis, TN
Replied

THANK YOU!

NREIG  logo
NREIG
|
Sponsored
Customizable insurance coverage with a program that’s easy to use Add, edit, and remove properties from your account any time with no minimum-earned premiums.

User Stats

130
Posts
104
Votes
Jack Inman
  • Attorney
  • Memphis, Tn
104
Votes |
130
Posts
Jack Inman
  • Attorney
  • Memphis, Tn
Replied

@Martez Bynum  I use BankTennessee for my personal deals. The main things you need to ask about are seasoning time and the percentage amount that they'll let you pull out during the refinance. Most banks will allow to pull out 75% of appraised value, but if you are good at negotiating, or have built up credit with the bank you can sometimes pull out 80%. 

It's also important to keep a detailed record of all of the improvements that you've made to the property. Also, come with comps justifying whatever appraisal target you are trying to get.