All Forum Posts by: Charlie Fenner

Hi all. I purchased a property a few months ago with the intentions of flipping it. I bought it for $235k put in about $70k of repairs when all is complete and could probably sell this in the $360s. This was my plan the whole time but I recently have started contemplating renting it and starting on a BRRRR strategy.

I have an interest only loan right now and monthly mortgage payments are ~$950. I would think at a minimum I could rent it for $2,000. One hold up I'm having is that my lender says I can't do a refinance for 2 years (I've had the property 5 months) but it sounds like a lot of lenders usually only need 6 months? Can I use a different lender to refinance and get my down payment out to buy another property to continue the BRRRR process? I guess I just don't have much knowledge with the whole refinancing realm.

I appreciate any input and maybe the answer is to simply put it on the market (we should be done with the rehab in a week or two).  I just want to get going on the next one!

Thanks!

-Charlie

Thanks @Tyler Cauble .  I've left them a message

Does anyone have a recommendation for a GC in Nashville, TN?  I have an older home that I'm under contract and my normal GC is booked up.  It will be a fairly large job - new kitchen, take down some walls, refinish hardwoods, etc.  I want to start work first week in March.  Please let me know if you have a good recommendation!  Thank you!