Cashout refinance for triplex building

[Ramel Ruffin]

Hello I am looking to purchase a fully occupied triplex apartment building. I was wondering with the building fully occupied is that already considered equity in the property so for example 3 units pay 1,000 for each unit grossing 3,000 a month (36,000) a year would that be already 36,000 in equity? And if so would I be able to do a Cashout refinance like people do with the BRRRR Strategy?
thanks in advance

[Andrew Postell]

@Ramel Ruffin to pull equity out of a property that you just purchased is really hard to do. It's not impossible, but it's so hard that it might nearly be impossible. Generally speaking we have to get such a screaming deal that we are purchasing the property well below the cash out loan MAXIMUM so that when we go to refinance at 75% LTV or 80% LTV that there's enough room to pull cash out. This means you are buying at 50% or 60% LTV...which again, isn't impossible...but so hard to do that you could certainly find deals that are really good but not have a cash out capability.

Hope all of that makes sense how I am describing it.