BRRRR - Buy, Rehab, Rent, Refinance, Repeat
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Updated almost 5 years ago,
Help with BRRR! Is it too late?
I bought a $120k house to flip in my LLC name on the best street in town. Pumped about $65k into it so now have a roughly $185k basis in it. Only $100k of it is on a 15 year commercial note.
Rather than flipping I think I’d rather keep it and rent it. Can I still get a 30 year note with my current financing situation?
Have I set myself up to get killed on closing costs now?
The house is now worth $230k. Can I buy it in my personal name for $230k from my LLC and use the equity as my 20% down payment?
I'm new to BRRR. Any tips or advice would be great.