Inheriting a Currently Rented Property and Want to Use for BRRR

[Bernard Hayward]

Greetings,

I will be inheriting a paid for 4br 1.5ba single family home that is currently being rented by a long term tenant. The home is in very good condition and has a new central a/c and roof already. The only thing that I can see being done is turning the half bath into a full bath, but anything more than that I'm not sure I would get much value out of. I would like to use the equity to start investing using the BRRRR method, but in this case I won't have to buy or do very much rehab (if any) and it's already being rented. With that being said, what should my approach be when I'm already at the refinance stage? Will I have to wait a certain period after acquiring the property to refinance and are there certain lenders that I need to look for that specialize in this type of transaction? Thanks in advance for your feedback!

[Jerry Padilla]

@Bernard Hayward

There is no seasoning for an inherited property. In this case, the property is all paid for so you could just cash out based on value. A SFR is 75% and a MFR is 70% LTV. Let me know if you have any questions.