BRRRR in Akron Ohio
Interested in thoughts/experiences with the initial purchase and the refi on a BRRRR in Akron. I'm an OOS investor. We're interested in cash flow and recycling our money. (Our first BRRRR but not our first rental). Interested in section 8 tenants.
We will be using a HELOC as down payment, however what can we expect when buying a distressed property in B/C neighborhoods in Akron for a BRRRR?
We want to use a hard money lender and use HELOC for 20% down payment…
should I be worried that once I buy and rehab I wont get a high enough ARV to refinance in order to payback my HELOC and HML?
What's the lowest hard money Lenders lend with SFR/Duplex properties in Akron?
Most Popular Reply
Yes, so Ohio was hot for the last few years but now it has cooled some. I had a few appraisals come back from Akron/Clv markets and had the appraiser comment that it is a "down market".
If you are targeting the 50k purchases with the 20k rehab and then hopping to refi out afterward you are taking a gamble because if you do not get the 100k value after the rehab you can get stuck in the project or be forced to take a mortgage with a terrible rate.
Keep your purchases 80k and up and try to make sure your project costs are over 100k on everything so you can be pretty confident that you'll get the 100k value afterward.