BRRR Strategy

[Esther L.]

Hi guys,

Is it possible to do a BRRR strategy with a 670 FICO score? I am working on my first project (scary!), got the seller to finance the deal for 6 months, with a plan of using my savings and credit cards to do the rehab. But unfortunately, I under estimated the rehab cost, hired wrong contractors... So now am thinking of using the BRRR approach as an exit strategy if I am unable to sell in a month. first, because I have to pay my borrower by the end on March and now my credit card balances are so high, my FICO score has dropped to 670 and not sure a if any bank will want to refinance the house with such a low credit score. Also, since Winter months are generally slow for Real estate, I am hoping to the best but want to prepare for the worst.

Also, how do I make sure that my property appraised as the COMPS and matches the ARV. since Banks appraisers always come back at the purchase prices?

Thanks