Done with the B-R-R....now how do I refinance?

[Grant Mitchell]

Hello All, Closed on my first property back in February. Now have actual tenants moving in a few weeks from now. I’m attempting the BRRRR strategy but I’m not sure how to go about refinancing my initial loan. I have a SFH that I purchased for 50K put around 6K of cosmetic rehab into it (paint & carpet was really all the interior needed did some landscaping myself for curb appeal) got the down payment of 10K from my 401K. Mortgage is for 40K. Where do I go from here or what steps should I be taking I refinance and pull my initial 10K investment (or at least some) out to purchase property number 2. Thanks in advance for all the help! Regards

[Jay Hinrichs]

you did not BRRR you simply bought on terms with it sounds like a short term lender and are now refinancing you will probably need to leave your equity in as it probably not realistic to think your property with only a 6k lipstick paint rehab went up enough to create enough equity to refi out and get your 10K back..

unless you bought way under market to begin with.