I just re-financed one of my BRRRR deals here in Columbus.

If you can, I'd try to purchase all cash so you can maximize the benefits of refinancing once your property is rented and generating income.

Then refinanced into conventional after rehab at 6 months.

Not a huge a deal considering most of the country can’t find it at all.And right now…most of us are buying with the intention of refinancing “some day soon”.I have 2 properties under contract to purchase at this very moment.

Side notes here to keep in mind, the market is crazy right now and lenders are prioritizing home purchases vs. refinancing due to limited labor availability.

If you are refinancing into a long term 30 year fixed DSCR loan, lenders will require a minimum credit of 620 to be eligible to obtain financing.

My purchase price was over 20 years ago, I do not remember closing costs, have refinanced twice at least and I have been renting it for almost as long. 

So if you cannot get that up then you will have a hard time refinancing this loan.

When underwriting the deal, just make sure you have the two exit strategies available, flipping for profit or refinancing and renting for cash flow (outline what metric you are after for the cash flow side, meaning what cash on cash return or whatever metric you are looking for).

Hey Everyone, 
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