Richmond, Virginia Lender

[Tim Murray]

Hello out there BP! I am new to investing in the Richmond area, closing on my first SFH this week on the South Side. I will be employing the BRRRR strategy, and am reaching out for recommendations on small local banks that are investor-friendly to do my refinance. I would prefer to use a bank with a short seasoning period, as my rehab will only take about 2 months. Thank you in advance for any guidance!!

[Will C.]

@Tim Murray You will probably find 6 months will be your shortest seasoning period. Which is only 4 months more than your projected rehab time, not too long. There was a post on BP that I read this seasoning loophole. If you itemize your rehab costs on the HUD (will require you to escrow those funds) then you can refinance purchase plus rehab immediately after rehab is complete.