BRRRR - Buy, Rehab, Rent, Refinance, Repeat
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Updated over 3 years ago,
Should I BRRRR with the interest rate I landed?
Could use some advice!
I closed on my second home in December 2020 and managed to land a 2.25% 30 year fixed interest rate.
The house:
- Purchase: 410,000O
- Owed: 320,000
- Location: Columbia, MD
- Built in 1976 with 2020 ssqft
- 5 bed 3 full bath split foyer
I would like to completely redo the outdated kitchen and baths with a personal loan. I would then take out a cash out refinance to pay off the work and get a down payment for a multi-family. Last time I checked, a house like this was in the upper 400's without the remodel. But! Would it be better to try to rent it out as is considering my current insanely low interest rate? I know it can cash flow as is, but I really would like to get into multifamilies sooner rather than later.
Thanks in advance everyone