BRRRR - Buy, Rehab, Rent, Refinance, Repeat
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Updated about 9 hours ago on . Most recent reply
Refinance portion of brrrr
I’m almost done with the rehab on my first brrrr property. When should I refinance? Should I wait until it’s rented first or just start the refinance process right away?
This is my first Brrrr
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#1 Real Estate Success Stories Contributor
- Rental Property Investor
- Perry Hall, MD
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#1 Real Estate Success Stories Contributor
- Rental Property Investor
- Perry Hall, MD
It's going to depend on the lender, how it's titled and what kind of refinance you are doing.
If you're doing a conventional cash out refinance, a lot of lenders are going to require a 3 to 6 month seasoning period prior to refinancing and it will have to be rented first. If you're doing a rate and term refinance, there's typically not a seasoning period but again it's common for lenders to require it be rented first.
If you're doing a DSCR cash out refi, it may not need to be rented first but you're probably paying a higher rate.
Your best option is to call a loan broker you trust and go through the options based on your current situation. There's no reason to wait, call them now so that you understand the options.