A financing strategy question for BRRRR
Hi Everyone
I'm just starting out and have a question or two about the Refinancing step of the BRRRR strategy. Buying a property.that probably wouldn't qualify for a traditional mortgage with cash, private, or hard money and refinancing it after the rehab with a cash-out mortgage is pretty straight forward. However, what if the house could qualify for a more traditional loan? Most lenders aren't going to want to give a traditional 30yr fixed rate mortgage knowing it will be refinanced 6mo later will they?
Do I disclose.to the first lender that I don’t plan on holding that loan for long? And just refinance with another lender? I don’t think I’d be very popular long by doing that. Do I go back to the lender and apply for the cash-out loan with the same lender? What is the best course of action I can take without burning any bridges with lenders I want to build relationships with or spending extra money on harde money when it may not be necessary?