Out of state BRRRR refi

[Matt Santos]

Hello World...

I've been working on assembling a team in San Antonio and Milwaukee for BRRRR. A conventional lender I was referred to in San Antonio said cash out refi was not allowed in Texas for non-owner occupied investment property.

Is this true? If so, are there more states that have this rule? I'm mostly interested in Texas, Wisconsin, Indiana, Florida and Tennesee.

Thank you,

Matt

[Will Pritchett]

@Adam Woznicki is correct.  We found that very few conventional lenders truly understand investment property loans.  PM me if you'd like the contact info for one we like a lot.  The lender you spoke to may have been mistaken as HELOCs can be difficult to impossible in Texas for non-owner occupied properties but we have done cash-outs many times.  Generally with a six month seasoning requirement.  Hope that helps.  Best of luck!