Newbie to BRRRR Financing question?

[Michael Fulmer]

Hello everyone. I'm in the middle of rehabbing my first BRRRR property and I'm getting close to the refinancing stage. I just called some local banks to check on how to refi. The first one told me they offered a 10 year term for 70% equity with a 6 month seasoning period. The second one said they could do 30 year term 70% equity at 6 months for what I paid ( got a good deal) or wait one year for the appraised value. I have watch many episodes of BP. My question is how can I build a business when I have to wait a year to do my next deal? I see others talk about doing 3 and 4 deals a month. Please help.

[Rick Pozos]

I know you WANT to BRRRR, but sometimes you could rehab and sell. THEN you have the 20% to put down or do the rehab or whatever. Maybe BRRRR one and rehab one or two. NOW you have the money for the down payment on the next one.

Or market to people who might be willing to owner finance to you. You would not need a bank at all!!!