BRRR Texas - Without Cash Purchase

[Ryan Kephart]

Hello,

Here is my ideal BRRR situation in San Antonio, TX and the problems I am having/trying to figure out. I am a little bit of a newb so please bare with me : ) I would just call around to the banks today but it's veterans day and the banks are closed. I am just looking to advice if my idea is feasible. Any help would be appreciated!

Ideal Situation: Buy with 5% down, Rehab, Cashout Refi when rehab is done, Rent it out when rehab is done, Repeat. Get to 10 mortgages and then refi into a commercial loan. Then repeat.

Here are my problems:

Goal 1: Buy -  Buy with 5% down on each purchase and do over 6 deals a year

      -Initially not a problem, but what about the 2nd and 3rd purchase? Would that have to be 20 percent down? My idea would be to buy with 5% down and refi as an investment property and then with the next purchase, consider that my homestead and put 5% down and not 20%. Is that feasible?

Goal 2 Rehab - OK

Goal 3: Refinance  -  Refinance with 80% LTV as soon as rehab/renting it out is done

              Problem: Seasoning. Do some portfolio lenders not require seasoning? I'd like to do many deals a year and not wait 6 months : )

Goal 4: Rent - Rent it out immediately  

                Problem: Seasoning. I might need to research this more, but I have run into a few problems with seasoning here.             

Goal 5: Repeat - Repeat 

          As mentioned above, seems like I would have to put 15-20% percent down. Would like to just repeat with 5% down if possible.

If I could find a portfolio lender to do my ideal situation that would be great, but haven't found one yet. Any help is appreciated. 

Thanks,

Ryan