Has anyone BRRRR’d without rehabbing? More like buy & refinance

[Joseph Vanderlinde]

I have a off market triplex I'll be closing on in a week and I'm buying it way under market value. It doesn't really need any work besides the units being slightly outdated but it's fully rented (rents are low). The seller just wants to liquidate some of his assets which is why I think he's selling it so low. I had a broker run a CMA which it was valued at on the low end $155k, average $170k, high end $190k. Given that's it's fully rented I won't be able to do any updating to the units at all. I'll be all in at $108k. surprisingly deals like this are still out there! My plan is to do a cash out refi to pay off my lender. I'm just curious if anyone has had a similar deal or has been able to cash out refi without rehabbing. Thank you.

[Eliott Elias]

You don't have to renovate to BRRRR. As long as you're all in under 70% of ARV it's a BRRRRR