BRRRR - Buy, Rehab, Rent, Refinance, Repeat
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Updated over 2 years ago,
Question regarding completing BRRR
Hello, new investor here. I have been trying to educate myself as much as possible and decided to attempt a BRRRR strategy for my first property in Las Vegas. I found a duplex that requires some rehab, but I believe I still got under market value (I payed significantly lower than what appraisal came back for).
i am about to close on property using conventional loan and locked in a somewhat decent interest rate before it has continued to increase in recent weeks.
since I went the conventional loan route, I wasn’t able to wrap up a rehab loan in the deal. Would It make sense to get a hard money loan for rehab and then refinance (considering the interest rates keep climbing, in afraid the refinance will have a much higher interest rate). And I don’t wanna be stuck with a hard money loan for a long time either. I could also try to rehab as much as I can slowly as I save up more money.
I would appreciate any insight into this part of the process, thanks!