BRRRR method: can someone help me?

[Alisha Gilliam]

Hi there everyone!! We just bought our first rental and are trying to buy another. I thought I knew how the BRRR method would go, but apparently not. Haha. So we bought and now want to refi (in some fashion) and get the equity out of this house to invest in the other rental but every bank we go to says that it's not possible. Am I doing or thinking incorrectly in regards to this method? Can anyone that has succeeded with the BRRR method give me any advice? Thanks so much for any help!

[Chris Mason]

Originally posted by @Alisha Gilliam:

@Chris MasonHi Chris! Thanks for the response! Well, for this rental property, we actually did purchase it with cash? There is no mortgage on this property. But no we have not had it for 6 months....maybe that's the issue?

 Oh, then you don't necessarily need to wait six months. Dial for dollars until you encounter a local lender that can spell the words "delayed financing exception" without the use of google or a spell checker.

https://www.fanniemae.com/content/guide/selling/b2/1.2/03.html#Delayed.20Financing.20Exception