Skip to content
×
PRO
Pro Members Get Full Access!
Get off the sidelines and take action in real estate investing with BiggerPockets Pro. Our comprehensive suite of tools and resources minimize mistakes, support informed decisions, and propel you to success.
Advanced networking features
Market and Deal Finder tools
Property analysis calculators
Landlord Command Center
$0
TODAY
$69.00/month when billed monthly.
$32.50/month when billed annually.
7 day free trial. Cancel anytime
Already a Pro Member? Sign in here

Join Over 3 Million Real Estate Investors

Create a free BiggerPockets account to comment, participate, and connect with over 3 million real estate investors.
Use your real name
By signing up, you indicate that you agree to the BiggerPockets Terms & Conditions.
The community here is like my own little personal real estate army that I can depend upon to help me through ANY problems I come across.
BRRRR - Buy, Rehab, Rent, Refinance, Repeat
All Forum Categories
Followed Discussions
Followed Categories
Followed People
Followed Locations
Market News & Data
General Info
Real Estate Strategies
Landlording & Rental Properties
Real Estate Professionals
Financial, Tax, & Legal
Real Estate Classifieds
Reviews & Feedback

Updated about 1 year ago,

User Stats

7
Posts
2
Votes
Tyson Thompson
  • Rental Property Investor
  • Northern Colorado
2
Votes |
7
Posts

Need help on the "Refinance" part of a BRRRR!!!

Tyson Thompson
  • Rental Property Investor
  • Northern Colorado
Posted

So - Here are the details of the deal and what I'm looking to do along with questions. Please help!!!!

I am under contract on a property to purchase. I am going to do about $10k in renovations after closing. The purchase price will be $275k for a total hard money loan of $285k. It will only take about 2 weeks and then I plan to move into it. After I move into it, I'd like to refinance the property as a primary and refinance the whole $285k. I will have about $100k in equity at that point putting my LTV at about 74%. I am being told that I cannot refinance at the newly appraised value for 6 months??????? Does anyone know the workarounds to refinance using the newly appraised value? I don't need cash out, just a refinance. Thank you!

I thought I remembered David saying on a podcast that the 6 month rule only applied if there is a deed of trust against the property so I thought I could give a deed of trust against a different property and buy the new property without a deed of trust......

Loading replies...