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Updated over 5 years ago, 09/02/2019
Brrr + STR "Refinance" Question
When using the Brrr method and it comes time to refinance do you have to show any rental history of the property being rented? Is that something the lenders take into consideration? If so, how much?
Found a property that looks like a good opportunity to Brrr in Michigan, the difference is I don't want to rent to a longer term tenant but instead want to do a STR. The property is out of state, but in the area we grew up in and that we return to every year to visit family and friends. We normally stay for 3-4 mos and stay in another STR. I'd like to stay in our own property moving forward when in town but then STR it the other months of the year. Will I need to show proof of any renting history to the lender when I refinance? Thanks in advance!