I BRR'd my first house, but now I'm stuck..

[Randall Everett]

Hey Everyone,

I'm a new investor and I'm BRRRing my first house. I had been listening to BP for a while and I was able to borrow enough cash to purchase an auctioned house at the county steps and remodel it (What a stressful route). Now I'm almost done with the renovation and I'm a little lost on what to do and if I'm even capable of BRRR'ing. My problem - I have average credit and poor numbers on my past tax returns.. I don't even own my own house. Long story short, how is a bank even going to consider giving me a loan? Does the situation change if I already own the home?

So far, my only apparent option would be to flip the house. That could be an obvious solution but I'd much rather hold the property. 

Thanks for any advice on this!

[Odie Ayaga]

They aren't necessarily refi programs built into the initial acquisition it's just that nowadays a lot of hard money lenders offer long-term products as well. They do tend to be higher interest rate than conventional loans so even as a hard money loan officer I tend to tell people to go conventional if they can qualify, but if you're sure you can't (and like @Perry Livingston said you should try a number of local banks first) it is an option that can allow you to keep the property. If you need a particular lender for that let me know and I can connect you.