Am I doing the BRRRR correctly?

[Alexandre Harnois]

Good day everyone,

I have questions regarding the BRRRR Method. I will explain my situation and I will carry on with the questions.

I own a house with a mortgage on it. In late 2021 I had a great oppurtunity and purchased a Triplex that was in my wife's family for 140k I refinanced my primary residence to get some money to rehab the property. I put 30K in upgrades. I am not sure what the value of the property is currently as it is getting appraised this week by the bank. I am looking to refiance the triplex to have some money to purchase another property.

I already got approved if the property is worth 250k, for 200k @3.54%. 200K-107K(left on mortgage)=93k+31k(money saved up)=124k for a 20% down payment + closing cost and maintenance.

Am I getting the BRRRR Concept right? Will I get approved for a 3rd mortgage? Is there a limit of how many mortgages one can have or as long as the income is good the bank will keep lending you money? When do you start thinking of creating a company to put your properties under? Is it better to borrow from a mortgage broker or a big bank?

Any help or advises would be much appreciated.

Thank you for your time and answers,

Alex Harnois