BRRRR refinance challenges

[Tony Gyra]

Hello,

I'm planning to get into my first investment property soon (in florida). I want to BRRRR. I just spoke to an experienced mortgage broker who said the BRRRR strategy isn't as easy as people think, because the banks will see what you paid for the property initially and will not easily lend you a new appraised value just a few months later.

Can anyone shed some light on this for me? Was this just a negative Nancy? Or do the banks really make it difficult if you paid significantly less for a property a few months prior to a good appraisal value?

Thanks very much!