Brrrr Question on Refinancing (First Post to BP!)
BP Community!!!
I have a question on Brrrr refinancing. I'm in the process of purchasing a 3BR/ 1BA Condo that the owner is currently reno'ing but agreed to stop and sell to me as is at a major discount. This is just a family owned property for the seller who lives out of state, is not a RE investor and basically just wants to get rid of it.
This will actually be my first home purchase and I plan to live in the property as my primary residence. That's kind of the monkey wrench because I'm getting a great deal on the property and after I reno it, I'm expecting the appraisal to be $50k+ more than what I paid all in (ARV) based on the comps and this is a conservative number. I am trying to build a portfolio of real estate and would like to be able to refinance, pull equity out and purchase another property and essentially follow the typical Brrrr strategy going forward (rent out the next one right after reno). My question is, am I still able to refinance and pull equity out if I'm not renting out the property but actually living in it?
I'm sure I would have to present a business plan to the bank and more. I'm still raping my head around the Brrrr strategy so any and all feedback is greatly appreciated!!!
Best,
Christian