Refinancing and possible BRRR institutions In San Antonio

[Norense Iyahen]

Hi all. Rookie investor looking into the process for refinancing and possibly doing a BRRR deal in San Antonio. I've bought an SFR with HML and it is currently being remodelled. I'd like to rent and refinance it . There is a small chance that it may be a BRRR deal. What banks have you had good experience with refinancing out of an HML and possibly BRRRing your properties with?

Also , out of curiosity,  for follow-up deals, are you guys finding positive results in BRRRing in SFRs in San Antonio, or are most BRRRs on multi-family?

[Andrew Postell]

@Norense Iyahen thanks for posting! Always great to hear from a fellow Texan. Bigger Pockets does have some good state specific forums and Texas is their most active forum. Feel free to post there if you ever need some more "local" advice about things.

I see you have a good local response already but I will reinforce that ALL markets have tough times with finding properties right now - if this were easy, everyone could do it. Not everyone can do it. It's certainly hard enough for those of us that "know" what we are doing but Bigger Pockets certainly does help bridge the gap for us. Now, BRRRR can absolutely be done in San Antonio. Usually with Single Family Homes because the 2-4 unit properties are EXTREMELY rare. A SFH with a "mother-in-law" suite is somewhat common (those are more formally called "Accessory Dwelling Units" or ADUs) but the trick to making it successful is buying OFF MARKET. Buying from the MLS is almost impossible. So we have to target off market deals. Anyway, the Hard Money Lender that I normally use is "Investmark Mortgage"...very familiar with San Antonio, the BRRRR method, and they are located right there in San Antonio.

If you do decide to keep the property then refinancing out of the Hard Money is the way to go. Choose a lender that will give you FULL After Repair Value (ARV) and give you rental income immediately as well....to help you qualify. If you need any suggestions feel free to PM me and I'll share everything I know. Thanks again for posting and congratulations on your property!