BRRRR Advice for refinancing for next LTR property

[Maria Walsh]

We need advice for the last RR in BRRRR. We have a rental with approximately $30,000 in equity available.

We would like to refinance to purchase another rental property but we are not sure of the steps.  I would like some guidance on the process.  

 What are the first steps?

[John Warren]

@Maria Walsh this is where your team becomes so important when you are looking to execute a BRRRR deal. The first step is to know your ARV which it sounds like you do. Then you need to know what loan to value you can pull out of the property. This will depend on a lot of factors like how many units there are, if it is owner occupied, etc. The last step would be to apply for the loan and get the appraisal.

I have personally done five cash out refinances with my lender @Joshua Jones. I don't know what state you are in, but Josh has done an amazing job for me here in Illinois. I think a big part of the BRRRR is having your team around to guide you so you know when the right time is to take advantage of the equity.