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Updated over 6 years ago on . Most recent reply

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10
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James Calabrese
  • Santa Monica, CA
3
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10
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BRRR strategy - seasoning required before refinancing?

James Calabrese
  • Santa Monica, CA
Posted

Hey BP community,

How much seasoning (history of rental income) is needed when going to execute the ‘refinance' section of the BRRR strategy. I was speaking with Bank of America the other week and was told they'd need to see 2 years of rental income on investment property before they'd refinance. This is obviously problematic if I'm going to buy in cash with hard/private money which I'm aiming to pay back as quickly as possible.

I’m hoping smaller banks have flexibility to refinance more quickly after I occupy a unit with renters.

I’ll certainly be chatting with other banks, but wanted to see what has been other people’s experience? Was BoA an anomaly or the norm? Does it depend greatly on the property itself and my ability to build trust with the bank?

Thanks for your input here. 

Most Popular Reply

User Stats

316
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215
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Scott England
  • Rental Property Investor
  • Oklahoma
215
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316
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Scott England
  • Rental Property Investor
  • Oklahoma
Replied

James Calabrese
I believe your biggest issue here is summed up with "I was speaking with Bank of America the other week..."

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