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Updated almost 5 years ago on . Most recent reply

User Stats

274
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61
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Pete Storseth
  • Investor
  • Houston, TX
61
Votes |
274
Posts

BRRRR with hard money

Pete Storseth
  • Investor
  • Houston, TX
Posted

I am trying to get into buy and hold rentals, and I'm in live with BRRRR. The beauty is the cash out refinance, with plans on investing the cash you originally put into the property into the next one.

Two questions

1. If you're using hard money, is cash out still possible? If so, when? LTV 70-80?

2. If you're putting private money into the down payment, but using a hard money lender instead of a bank, and cash out isnt an option, how can I pay the private lender back by refinancing into a new term mortgage?

Most Popular Reply

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1,239
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1,097
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Michael Ablan
  • Real Estate Broker
  • Watertown, NY
1,097
Votes |
1,239
Posts
Michael Ablan
  • Real Estate Broker
  • Watertown, NY
Replied

@Pete Storseth - Interest costs, Points from HML, Taxes, Insurance, Utility, Inspection draw costs, Underwriting fees, appraisal fees, survey fees, recording stamps and costs, ect....

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