Creative thought for BRRRR

[Walter Ciucevich]

I’m trying to start BRRRRing properties and have found a lender I can cash out refi after 30 days, but it’s at 7%.

I’m purchasing and rehabbing all cash, so this is decent, but a better rate is available with much less fees at a bank.

I can rate and term at a bank right away, but I can’t get my rehab money back out.

If i am purchasing a property for 35k and it needs 25k in rehab, could I write up the deal as a 60k purchase with 25k coming back to me at closing. The purchase price would then be 60k and I could rate and term right away?

Is this possible or is there regulation against it?