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Updated over 6 years ago on . Most recent reply

Mike F.'s profile image
Mike F.'s profile image
Mike F.
  • from South Carolina
  • Member since Jul 31, 2015
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Mike F.'s profile image
Mike F.'s profile image
Mike F.
  • from South Carolina
  • Member since Jul 31, 2015
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Mike F.
  • South Carolina
13
Votes |
35
Posts
Private Lending & Conventional Mortgage Advice

Bank asking what i'm doing with the funds?

Mike F.
  • South Carolina
Posted

I'm doing a cash out refi and the bank is asking me, "what am I doing with the funds', what is the right/wrong answer to this question?

Obviously, they have never heard of BRRRR method.

thanks in advance for any insight.

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Jason D.'s profile image
Jason D.'s profile image
Jason D.
  • Rental Property Investor
  • from St. Petersburg, Fl
  • Member since May 8, 2017
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Jason D.'s profile image
Jason D.'s profile image
Jason D.
  • Rental Property Investor
  • from St. Petersburg, Fl
  • Member since May 8, 2017
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Jason D.
  • Rental Property Investor
  • St. Petersburg, Fl
4,385
Votes |
3,926
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Jason D.
  • Rental Property Investor
  • St. Petersburg, Fl
Replied
@Mike F. Right answer: paying the current loan and using the remaining cash to continue purchasing assets. Wrong answer: Going to the casino and putting it all on black!
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