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Updated over 5 years ago on .

User Stats

8
Posts
1
Votes
Anthony Dawson
  • Rental Property Investor
  • Warner Robins, GA
1
Votes |
8
Posts

Can I BRRRR a property bought with a line of credit?

Anthony Dawson
  • Rental Property Investor
  • Warner Robins, GA
Posted

How do/can I get financing?!?!?

Recently I paid cash for a property using a $51K line of credit. So far, only minor repairs and needing new paint have to be completed. The property is 1 apartment within a quadplex. I recently found out that 2 additional apartments within the quad are coming available...here is where I am having issues...I also closed on another property "one part of a duplex" a week after purchasing the property mentioned.

The duplex property is listed for rent the other will be listed once painting is complete.

Someone mentioned a commercial lender or lending to borrow the money...I do not own a business and having both properties without renters maybe a problem. Any and all advice will be greatly appreciated.

Anthony