BRRRR - Buy, Rehab, Rent, Refinance, Repeat
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Updated over 2 years ago,
How BRRRR works when you have equity in a home you live in???
Hi! I guess the easiest way is to explain my situation now. The house I live in with my hubby and kids is titled in me and my dads name but the mortgage is in my dads name only. We have lived her for 15+ years and have a good amount of equity. My dad wants the house out of his name and my name only on the mortgage. I was already told I could cash out refinance and take my dads name off and put my name only on the mortgage. We owe about 35,000 left. Smaller comps in the immediate area are selling for about 80,000 in unfixed condition. I unfortunately have no comps in the immediate area that are fixed but the neighborhood next to us (within 2 miles away) has houses in fixed condition selling for 160,000-200,000. With all this being said I want to BRRRR!!!! I understand BRRRRing but I'm stuck on do I cash out refinance in as is condition to get the money to rehab first and then refinance again to get the money back? Or do I rehab without refinancing now and then refinance after rehab? If that's the case I wouldn't have the money to rehab 😑 I'm also stuck on HOW do you rehab a house you and your family live in? I have a 4 and 5yr old and I could imagine them painting in back of the painter with their makers 🤦🏻♀️ Can someone please give me a idea of how it works or am I overthinking things?? I also know the flat roof is very old so I feel like that would need to be repaired.
Thank you for any ideas specific to my situation ❤️