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Updated almost 6 years ago on . Most recent reply
BRRRR strategy hiccup
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?
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@Allan R.
Yes. Most are 6-12 months. Some small bank portfolio lenders might do sooner.