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Updated almost 8 years ago,
How to BRRRR with recent Bankruptcy?
This is my first time posting, so I will try to keep it concise. I nearly have my team assembled for my first "flip," but would much rather turn it into the BRRRR strategy. My situation is that I graduated from pharmacy school 3 years ago and declared bankruptcy shortly after. The bankruptcy was discharged 2 years ago and I am now eligible for an FHA loan for my primary residence (I have not yet used it though). I currently have a 702 credit score and am making a six figure income. My main question is: If I were to follow all the best practices (buying low, renovating on budget and finishing fast), would any banks refinance an investment property for someone in my situation? Also, how feasible would it be for a bank to refinance to the LLC which initially held the property, rather than directly to me?