BRRRR - Buy, Rehab, Rent, Refinance, Repeat
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Updated 9 months ago on . Most recent reply
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Are loans under 100k available for BRRR?
Hello, I new here and have a question about loans (both for purchase and refinancing) for the BRRR method, are loans under 100k available? From what I have seen most lenders for private money or hard money what loans for 100k or more, or else the ones that do smaller amounts just don't advertise. I realize smaller conventional loans are available but I am not a W-2 wage earner, I do however have great credit and money available for a down. For example I see properties for sale for $80k that would have a small cash flow after some rehabbing and refinancing/pulling cash out, but if financing these would be difficult, then I need to look at properties over $100k. Your advice is appreciated.
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For a rehab loan, generally the minimum is $100k (including a % of the purchase price and rehab funds). For a refi, there are lenders that will go a bit lower. On an $80k property, assuming 20% down, you'd need to roll in about $36k of rehab to hit that minimum. Depending on ARV, you'd want to make sure you can hit a $75-$100k loan amount for the refinance, so you'd take 75% of the ARV and see where you land. These are all rough estimates just to give you an idea.
- Brittany Minocchi
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