getting started in BRRRR with $1M cash and $1M+ assets? leverage

[Mike Franco]

I need a strategy.

I'm retired, but never got into the BRRRR. I have $1M cash and $1.5M in paid off real estate assets, no debt, and no 'real' income. 830 FICO.

I want to leverage my assets and start BRRRR to secure retirement for the kids, getting the ball rolling so they can have paid off properties by the time they retire.

$1m cash isn't really enough to buy many cheap properties in Socal. So I want to use the bank's money as much as possible.

How do I get the ball rolling fast?

I don't understand how the numbers work for subsequent BRRRR properties without much income. Hear me out...

I buy a $300k house cash. $50k rehab. $500k ARV. Rent in Socal is ~5% cap rate, so $2100/month gross rent.

I'm down $350k already, and I need to replenish the $350k. 

Will the bank really lend me $350k cash out refi 70% LTV with only $25k gross rent as the only source of income? How do you even fund subsequent BRRRR properties with bank money in my situation?

I have enough assets and want to use the bank's money at the lowest interest rate possible to grow a BRRRR portfolio as quickly as possible.

What realistic timeline am I looking at here?

I'm hoping to acquire 10 BRRRR houses that are $500k ARV, which I expect will all be worth $750k after 30 years, for a total holding of $7.5M at the end of 30 years, which the kids can sell and retire off of.