All Forum Posts by: Ana Lidia Standing

I took my first attempt at BRRR and bought a house (Kansas City) for 200k, which will be my new residency, so I could use less downpayment and needed a second bedroom anyway. After the appraisal, I had instant equity of 25K. Now, I need to renovate the estimate (40k-50k loan) to get 260-275K ARV. I will cash out, refinance the new house, and pay the renovation loan. I will rent my current house which I bought almost five years ago. Two questions: Do you think the scenario sounds right, or is there anything else to pay attention to? Second, do you have any advice for the next move?

Thank you.

I am planning to get my first investment house; I don't want to use my savings, so I have an equity line of credit for 50K and got pre-approved for a loan up to 300 k? it has been very difficult to find a house that makes send for BRRR since I have to use the HELOC for downpayment and possible repairs I am very limited. Most part of the houses that will qualify for the loan should be in livable conditions, and it looks like they don't need much work, so it might not be able to do BRRR. So, in your experience, what have you done or what would you do?