Finding banks for BRRRR method

[Darci Minshall]

Hello all. I am working on my first buy and hold deal. I'm preparing for the refinance portion and I'm having trouble finding a local bank to work with. I have now called 11 local banks and Credit Unions. None of them will let me do a cash-out refinance any sooner than 6 months. Well that's not true. I did find one but they have a cap of $50,000. I'm paying more than that just to purchase the home nevermind the rehab. Anybody out there in Berks County Pennsylvania have luck refinancing in a shorter time frame? Thank you in advance.

[Josh Caldwell]

6 months on a first deal will be hard to do. I would look at either a mortgage broker or a really small local bank. In Pittsburgh, First National will do it if you go through our local business bank guy.