All Forum Posts by: Tein Hlwa

-If you want to refi for just the amount of your hard money loan (Rate and Term refi) you can do it at any time.
-If you want to refi fir More than your hard money loan (Cash Out refi) you have to wait 6 months for a conventional loan.

Gotcha, its weird how no one seems to mention this during the BRRR videos as I think it seems important to know.

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Originally posted by @Marsay Winder:

You can always try a mortgage broker and they will have a portfolio of lenders who can help you out. I had a similar problem a few years ago where I had to cash out my seller quickly and a broker helped me out. Of course you will pay more for it at closing but in a pinch that's an option. Much better than paying penalties to a HML

Do you have any recommendations? I spoke to 2 brokers I normally work with an nothing. I found one that said he can do it once I get up to 5 rentals which I am not up to yet.

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Originally posted by @Reid Chauvin:

@Tein Hlwa - there are renovation Loan products where you can finance the cost of the renovation as part of the loan. This way you’d only have to come out of pocket for the down payment. You also only have one closing. Message me if you want more information.

Hey Reid, appreciate the input. I am familiar with reno loans. I am talking more about refinancing after the renovation to take out the equity in cash.

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hey guys so I'm trying to do my first BRRRR, I've got the hard money lender part figured out. The part I am struggling on is finding a lender that can do a cashout refi after the rehab...Apparently it's a federal restriction that you have to wait until after 6 months of purchasing. Is that true? I am in Virginia fyi. Thank you!

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All Forum Posts by: Tein Hlwa

Tein Hlwa has started 1 posts and replied 4 times.

Post: I cant seem to find someone that can refinance my purchase

Post: I cant seem to find someone that can refinance my purchase

Post: I cant seem to find someone that can refinance my purchase

Post: I cant seem to find someone that can refinance my purchase