BRRRR Refinance - Need DP or Just Enough Equity?

[James Brewer]

Hey Folks,

I have a question about the BRRRR strategy. I'm very well versed in the entire process but I need a little clarification the refinance part.

If you pay cash to acquire a property and complete the renovation, when you go to refi since you’re looking for a typical conventional loan (non-owner occupied) are you required to put 20% down since you’re asking for a new loan….or since you already own it do you just need to make sure the appraisal comes in high enough to have 20% equity and no DP is required?

Thanks!