Nacogdoches , TX · Member since 2018 · 21 posts · 3 votes
I was wondering best idea to get a brrrr loan? My banker told me I could get a loan for a fix & flip & just pay interest on it for a year knowing I was planning on flipping. I mentioned to him getting that loan & doing the BRRR tactic he acted confused. Basically I would take that loan refinance & convert to a conventional loan correct? I’m looking to do my first one in next 30 days. Thanks!
Olympia, WA · Member since 2017 · 91 posts · 80 votes
8y
Hey @Jessie York, the term BRRRR is shared with lots of investors, but most others don't know about it. I'd recommend just telling your lender that you plan on buying and rehabbing a property, and once it's rehabbed you'll want to refinance to pull some or all of the initial capital out. They'll definitely understand that.