Rent ready financing

[Mike Brown]

Just trying to underatand deal analysis of a rent ready property. If I can get a property under contract for, say, 40% of its assessed value, can I get a conventional mortgage for more than the purchase price so I can pull my money out right away? But then which 20% would a down payment be against, the purchase price or the loan amount?

I'm trying to understand the differences in using the BRRRR strategy vs. buying a rent ready property. Genereally, I think I would want to pull my money back out of any property ASAP, right? Thanks!