Investor · Saint Augustine, FL · Member since 2017 · 9 posts · 0 votes
Does anyone have a recommendation for a financial institution that would work with an investor in refinancing a property as used in the BRRRR method? I am in the Jacksonville, FL area and a specific institution would be amazingly helpful but if you have general advice about how you are able to finance your BRRRRs I would love to hear from you.
This will be my first BRRRR and I do have some of my own money saved as well as a home that I own. How would you go about financing the first deal in my situation? Thanks.
Rental Property Investor · Jacksonville, FL · Member since 2008 · 784 posts · 528 votes
8y
@Sarah McCrystal-Harris I have done a lot of work looking at all kinds of products in the local #Jacksonville area. You can buy up to 10 properties now with a Freddie or Fannie product. I would look at a mortgage broker to start and gather information.
You might be better suited using a line of credit against your house. TD Bank has a great product and the rate was only 4.99% with a $99 fee to get setup. If you can post more details of the transaction, that would help. Happy to assist, as I have been down the road for financing. Best of luck to you!
Rental Property Investor · Jacksonville, FL · Member since 2008 · 784 posts · 528 votes
8y
@Sarah McCrystal-Harris I have done a lot of work looking at all kinds of products in the local #Jacksonville area. You can buy up to 10 properties now with a Freddie or Fannie product. I would look at a mortgage broker to start and gather information.
You might be better suited using a line of credit against your house. TD Bank has a great product and the rate was only 4.99% with a $99 fee to get setup. If you can post more details of the transaction, that would help. Happy to assist, as I have been down the road for financing. Best of luck to you!
Lender · Stuart, FL · Member since 2017 · 112 posts · 37 votes
8y
Find a direct lender as there is no need to deal with bank overlays and it can complicate your deals. If you are wanting to get the sweat equity you will have a seasoning time frame. If you just want your initial capital you can use the delayed financing before then.