BRRRR - Buy, Rehab, Rent, Refinance, Repeat
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BRRR method - Refinance and Credit Sore
On the BRRR method, Do you need a good Credit Score ( 680 or more) to the refinancing a home you just bought, rehab and is currently rented? I am able to pay cash for the property and the rehab, and I already have a tenant lineup. My concern is that my credit score is less than 600. Do lenders look at the ARV more importantly, or does the FICO score plays heavily on the decision to refinance?
I am new to this, so I will appreciate any help.
Harold B. (Springfield, MA)