Growing my BRRRR portfolio

[Michael Mancivalano]

I am looking for advice/tips on how to find banks or CU that will be willing to do a 4 month seasoning period.

This question or inquiry mainly is stemming from the idea of increasing my number of homes being purchased per year. How can I increase that number continuously?

Is it as simple as saving the cash flow from properties and main 9-5, while also using the initial investment once I am able to pull those funds out after the re-fi?

Thanks!

[Andrew Postell]

@Michael Mancivalano you should ONLY be working with lenders that have ZERO seasoning. None. Not only is that really important for the BRRRR process but if they have no seasoning that usually means they don't have other annoying rules as well. Here's a quick list of questions you should be asking every lender you interview:

Questions for Lenders

1. When do you start using rental income to help me qualify? (the answer needs to be immediately)
2. When do you start using “After Repair Value” on my property? (also needs to be immediately)
3. How long do you need me to be on title to refinance? (this is important if you do need a short term loan to purchase then refinance out - and the answer should be 1 day...very important that it is 1 day on title is all that is needed to refinance)
4. What is my minimum down payment required? (if they only require 15% down on a single family home that is usually a good sign that you are working with a flexible lender)
5. How many loans can I have with you?
6. Can I change title to my LLC?
7. Do you sell your mortgages?
8. What is your loan minimum?
9. Can you explain to me what your reserve requirements are?