BRRR in a twist! Confused.

[Sanise Hass]

Ok so here it is... My mom has a house. It's in her name I stay there majority of the time. I wanted to use the BRRR strategy. So can we refinance the home to my name and then use the cash out to finance a new property which I plan to BRRR?

Or once my mom’s home is in my name can I instantly rent it out for cash flow? How long after a mortgage is transferred or refinanced to another person can that new owner move out or rent out? And if I don’t like landlording, would I be able to just sell the home within 6 months-1yr? Hope I didn’t confuse you all. Just a confused newbie. 

[Nathaniel Hovsepian]

You can begin to rent it out now if you wanted. You don't need the property to be in your name to get a tenant in their. You would be acting as the landlord, while your mother would still be the owner according to the county. Obviously you would want to have your mom's approval for this situation.

If you wanted to do a quit claim deed and get the property in your name, that is a very simple procedure that will cost you very little at a title company or through an attorney (depending on your state).

If it were me, I would refinance the home, get a renter in there and get it cash flowing. Once you have a solid tenant in the home, and you are comfortable being a landlord, shift your focus to purchasing a new property that you can either rent out right away, or BRRRR. Don't forget that last R by the way. That's the repeat one!