Brrrr with 30k cash available?

[Rahul Gupta]

Hi,

I have 30 k cash available and am thinking if there is a way for me to get into REI Brrrr?

The thought so far is to acquire cheaper properties in states other than mine using a rental loan which can be upto 75 percent LTV and starting out that way. Is that a good approach? Is Brrrr possible with only 30k available?

Another question is that let’s say this works out, and I get a house for 80k. I put down 20k and get the rest(75%) financed. Assuming there are not too many repairs, how soon will I be able to refinance? Though any bank? And how much?

Thank you so much in advance.

[Sean Howell]

@Rahul Gupta You can find banks that are willing to do the refi as soon as you are finished with your project (no seasoning period) but you may have to look around a bit. As far as how much you can cash out, some banks will do it so that you cash out refi whatever is on your HUD and some will allow you to do 75% of the appraised value. Just make sure you're specific in your questions when you approach the bank so that you know exactly what you're getting into.