Just Starting out with BRRRR!! Refi Question

[Troy Miller]

Good Afternoon Everyone,

I am just getting started in real estate investing. Like David Green I also have been in law enforcement for over 20 plus years and I'm looking at exit strategies and ways to build my wealth for retirement years and also for my son when he gets older. We have two homes (currently rentals) that are paid for free and clear and my plan is to pull roughly $150,000 out of each one (total $300,000) to get started in the BRRRR process. I'm running into a little snag with the cash out refi because for some reason we thought it was a good idea to quitdeed the homes into a business that we started but now we are having a hard time getting a residential loan. I think we will ultimately have to quitdeed them back into our names to get the loan (lesson #1 learned HAHA). Once that is done we already have a few leads to go on and a contractor lined up that is familiar with investor fix and flip type remodels. My big question or concern I'm coming across is I can not find a lender locally that will do a cash out Refi without the 6 month seasoning. I was hoping someone on here could point me in a direction of a lender that would be willing or able to do it in like 4 months or if there are any out there. Also I'm completely open to any suggestions or ideas. I also have a meeting with my Tax person in the next week so I can be ready when the good old government comes asking for their money. Oh by the way I currently live in California (Central Valley Area). Cost is much lower than the SoCal or Bay Area but prices are going up fast. I am hoping to BRRRR maybe 3 or 4 a year since I'm a little older and am starting a little late in life.

Thank you in advance and again I am completely open to any input, suggestions, or direction.

[Grant Schroeder]

Hello @Troy Miller thanks for posting! Is your property simply vested in an LLC and the insurance policy and tax statements are in your personal name? I am doing a couple refinances for a client right now where he simply quitclaimed the property back into his personal name as we started the refinance, but we did not have to wait for 6 months seasoning. Not sure where this is coming from? Glad to take a look at this for you if you'd like another set of eyes on it.