Looking to do my first Brrrr deal.
I have a couple potential properties that I would like to use the Brrrr method on.
I'm still not certain on the first loan though. I have a private lender who said he would be able to go up to $50,000 and I would need to get another $50,000 to get the house and cover the repairs. Would I talk to an attorney to set up the contract and if so, how is that usually structured.
I want to talk to a bank to get prequalified for the refi after a year, and how should that conversation go? Do banks usually have no problem with this type of deal?
The house is a 3/2 that i am going to offer $65,000 on, figure $30,000 in repairs and an ARV of $130000 on the conservative side.
Any help would be much appreciated.