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Updated over 6 years ago on . Most recent reply

User Stats

15
Posts
8
Votes
David Harley
  • Rental Property Investor
  • Las Vegas, NV
8
Votes |
15
Posts

Not in-depth on the pods & webinars - Seeking more BRRR Refi info

David Harley
  • Rental Property Investor
  • Las Vegas, NV
Posted

Hey ya'll, 

It seems to me a least, that during the podcasts and webinars though some sections are "Deep Dives" and at some points of the webinars while going over the refi portion of BRRRR strategies, we don't really hear a super in depth analysis or the restrictions of the multitude of ways to refinance or better yet (Cash-Out refi.)???

As most of the buy and hold investors on here I am sure, my wheelhouse for investing in certain markets is this:

distressed Single family 3/1 minimum - between $25K-$45K with need for $15-20K in rehab and an estimated ARV to be between $75-$110K. Goal to put 20% down on the home, spend on rehab with remaining cash available, re-rent then refi.

The issue I am having, and trust when I say I have called around in my target market. Have begin to set up my "Core 4." Interviewed the necessary people to set up my team. And have done my research due diligence

I have learned that as of 2010 - there can be NO conventional loan given on anything less than $100K on a single family, better yet, especially on something as low as $25-$45K - True or not??

Also, a cash-out refinance is not available for any property's ARV under $100K - True or not??

Of course I can call around and see how flexible the small local CU's and community banks are for these specific loans (Which is what I am tasking these past few days). But someone please enlighten me on all of the options please !? 

I'm not breaking any kind of mold here and or creating any new idea, I've seen plenty of blogs and success stories on this. I would simply like to be able to post on BP in the next thirty days with my own success story, or at-least about my first successful investment property offer. 

I am under the hammer of @BrandonTurner 's 90 day challenge !!!!! 

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