BRRRR - Buy, Rehab, Rent, Refinance, Repeat
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Updated over 3 years ago,
Feedback on reaching out to lenders for BRRRR method rentals
Hey there!, We are trying out the BRRRR process and are having a hard time to get lenders to work with us. Following is a draft of an email I would like to use to reach out to a few others – perhaps I could get some feedback in posting it here. Emailing works best for me as I am typically tied up between two jobs. Additionally, if anyone has any recommendations for lenders I could try to reach out to, that would be Awesome.
“Hello,
My family and I are in the process of forming a rental real estate business. We are searching for a lender who will fit our proposed method of BRRRR (buy, rehab, rent, refinance, repeat). Each property we purchase, we want to structure it under it's own LLC. Do you provide lending for this type of structure?
A little overview of where we are at currently. We have two properties available, both of which are currently financed. My partner and I own one, as well as his mother. We currently have enough available cash to pay off one of the two to set up as our first rental.
Our properties:
(I have listed what the two properties are, as well as some financial information in this section.)
Our goal is to ultimately title the properties under separate LLCs.
Additional questions that we have:
- Do you provide financing options for an LLC structure?
- What is the typical seasoning period for properties and financing?
- If we paid off one of the two properties today, how soon could we refinance it to move onto the next?
- What is the max LTV offered?
- Does cash flow perspective dictate LTV percentage?
- Is there a penalty for early loan payoff?
We look forward to working with you!
Thank you”