BRRR Strategy - What time frames have seen?

[Taylor Ballam]

I'm curious how soon people investing with the BRRR strategy (Buy, Rehab, refinance, repeat I believe?:) ) especially in Northern Utah, have been able to refinance? Has anyone been able to refinance quicker than 6 months? If so, with what banks & how did the process work? I'm also wondering if anyone has had success with commercial lenders that can ignore the 6 month to 1 year minimum I am running into?

[Joe Villeneuve]

I get mine from a local bank.  It's just a loan based on equity.  My terms are:

• 15 year amort (this is why I replace it with a 30 yr refi in 6 months)
• 3.875% compound int
• 70% ARV
• $165 fee
• No pre pay penalty

Steps:

1. Buy/rehab property
2. get loan mentioned above in about 2 weeks after rehab
3. season property 6 months
4. refi at 6 months (this takes out step 2 loan)
5. Hold property for cash flow
6. Repeat as many times as....?