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Updated almost 5 years ago,

User Stats

8
Posts
3
Votes
Mike Marino
  • Investor
  • New York, NY
3
Votes |
8
Posts

BRRRR Financing Question - New Investor

Mike Marino
  • Investor
  • New York, NY
Posted

I am looking to take on a single family BRRRR project within the next few months. Obviously I cant really do much right now due to the pandemic so I am researching but I have a few questions regarding the financing:

Ideally I will use hard money for the acquisition and rehab and then go to a bank for the refi.

Do I need to get pre approved for a certain amount for the refinance portion from the bank BEFORE I even start looking and making offers? At the point of when I refi is the bank looking more at me or the cashflowing property?

Can someone explain exactly how the approval and application process for getting the hard money loan/rehab loan/refinance loan works for a first time Investor?

Anything would be greatly appreciated. Thanks BP!!

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