Refinance part of BRRRR in Milwaukee?

8 Replies

Trying the REI method of buying, rehabbing, refinance, rent and repeat (BRRRR). Have it all figured out but the REFINANCE portion. After several references to try so-and-so, I am not having any luck in the Milwaukee area. Looking for leads.

Originally posted by @Glen Morrow :

Trying the REI method of buying, rehabbing, refinance, rent and repeat (BRRRR). Have it all figured out but the REFINANCE portion. After several references to try so-and-so, I am not having any luck in the Milwaukee area. Looking for leads.

 What are the banks telling you?  Most residential loans have the same guidelines 

"no".  Generally need to be owner occupy.

Most banks refinance up to 75% loan to value. Are you exceeding that %?

Max

I could make 75% work.  Local bank?  Credit Union?  

You can cash out under delayed financing exception as soon as you are done with rehab if you purchase in cash. Otherwise you can cash out after 6 month. 

Go to your local REIA and ask all the other investors which banks they use. If they lend to one buy and hold investor, they should at least consider lending to another.

Are you trying to re-fi out just the purchase price or the market value? 

Refinance based on appraised value after I rehab 

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