Advice for my first deal using BRRRR

[Peter Pen]

I'm a beginner REI and have just received my Michigan real estate license. I've found a great deal on a house using the BRRRR strategy, however i'm a little confused when it comes to the refinance. For easy numbers, i can buy the house for $50,000 which i would get through a HML. I could then rehab the property for 15k, putting me all in for $65,000. The ARV of the house is 100,000. Now, when i refinance the home for 100,000, do they cut me a check for that amount? What I'm getting at is how do i get the cash to pay back my hard money loan of 50k?

[Andrew Cichon]

The refi LTV (loan to Value) will be 80% or lower, more like 65%-75% so you will get $65k/$75k 'Cash out'. this article explains refi in greater detail all about refi