BRRRR - Buy, Rehab, Rent, Refinance, Repeat
Market News & Data
General Info
Real Estate Strategies
Landlording & Rental Properties
Real Estate Professionals
Financial, Tax, & Legal
Real Estate Classifieds
Reviews & Feedback
Updated about 5 years ago on . Most recent reply
BRRRRing an occupied four unit
I would like to use private money to BRRRR a four unit apartment, but two of the units are currently occupied. How do I go about a quick turn around to refinance if I cannot get into those two units?
Most Popular Reply
#4 Mortgage Brokers & Lenders Contributor
- Washington, DC Mortgage Lender/Broker
- 2,757
- Votes |
- 4,876
- Posts
#4 Mortgage Brokers & Lenders Contributor
- Washington, DC Mortgage Lender/Broker
Stabilize the property (meaning renovate the two units and then rent them). Either move the current tenants into the other apartments after renovation or move them out altogether. Of course stay within the confines of the lease.
If they are okay with increasing their rents for the new apartments, leave everything alone, renovate the other two apartments, rent them out and refinance. If it doesn't go your way, rent the two new apartments, refinance to get away from high interest, dump the old tenants, renovate the old apartments and then rent them.
Best of luck
Stephanie