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Updated almost 6 years ago on . Most recent reply

User Stats

38
Posts
11
Votes
Allan R.
  • Rental Property Investor
11
Votes |
38
Posts

BRRRR strategy hiccup

Allan R.
  • Rental Property Investor
Posted

I recently bought an inhabitable triplex, made 40k of repairs, got all units rented out, and now have been told I can not refinance cash out unless I hold the property for 6 months. 

I want this cash so I can repeat the process. I believe the lender I chose is restricted to Fannie Freddie Mac guidlines, is there any validity to his statement? 

Has anyone else ran into this problem?

I am also in a high interest 11 percent loan that I would love to get out of. What do you guys think?

Most Popular Reply

User Stats

67
Posts
70
Votes
Jonathan W.
  • Kansas City, KS
70
Votes |
67
Posts
Jonathan W.
  • Kansas City, KS
Replied

@Allan R.

Yes. Most are 6-12 months. Some small bank portfolio lenders might do sooner.

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