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Updated over 7 years ago,
BRRR'D out of my mind, mentally fried!
If you have clicked on this post, you have possibly experienced some of the confusion I have and maybe worked through it or had a coach.
First alittle back story.
I'm 28 years old investor in Georgia currently looking for single family or multi family homes rentals. I have been a member of Bigger Pockets for 2 months but I have been researching the benefits and possibly of realestate for 7 months. I have read books, watched webinars, and read articles but I am still puzzled on the BRRR method. To date, I've worked on my credit to get an average score of 710 and saved 10k in a bank for investments.
My question:
Bigger Pockets has a wealth of hard and private lenders in Atlanta and middle Georgia where I could get a decent rated loan to buy houses between $35-$100kin my area. After scouting a deal, working the numbers to get the loan, fixing the property,and refinancing, how do I get the money to pay the private lenders back?
Most of the information I've found from different sources doesn't clearly illustrate how to take a refinanced mortgage to pay a private lenders.
Can someone give me some insight on this?