BRRRR - Buy, Rehab, Rent, Refinance, Repeat
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Updated about 3 years ago,
First time refinancing a rental
Hey BP,
This will be my first time refinancing. I bought my SFR 2/1 rental in September for 79k and I'm hoping to refinance in March / April. I wanted to do what I call a "hybrid BRRRR" and basically get as much of my initial downpayment back as possible. I bought in cash using friends and family private money, as well as a good chunk of my own.
My questions:
I want to get my 79k PP to Appraise for 100k. I'm planning on doing some updates in the bathroom as well as adding in Central AC, which it does not have. Tips for getting the home to appraise for as much as possible?
Is leaving 25% in the deal fairly normal? Anyone have experience refinancing while only leaving 20% in?
Any lender recommendations that are friendly to investors refinancing? I live in Urban Indianapolis.
- Tyler Lingle
- [email protected]