Ridgewood, NY · Member since 2015 · 50 posts · 14 votes
How often can you do BRRRR ? Can you only use that strategy every 6 months? Because you will need to refinance ? Are banks cautious on giving out multiple refinance mortgages?
Investor · Cleveland, OH · Member since 2015 · 6k+ posts · 2k+ votes
9y
Unless you paid all cash (in which case you can apply for Fannie's "Delayed Financing Exception" straight away and perhaps get ALL your outlay back if it appraises well enough), then yes, Lenders will mostly only let you refi a percentage of the PURCHASE price, rather than that same percentage of any (necessary) higher appraised value - until you wait out their seasoning period. Patience...
Investor · Top of the World · Member since 2016 · 165 posts · 40 votes
9y
@Andrew Galeano you can do them more than every 6 months. If you get a bank that says no, go to another one that says yes. If you have a property that you purchase below market value and it was rehabbed and you force appreciated you will be able to refi.