Hello BP Family!
I have been researching and getting really excited about the BRRRR strategy, it seems to be the best way to build a portfolio in a scalable and safe way (having done due diligence of course). Before I buy a property, I want to take actionable steps now to set myself up for success, including researching lenders and knowing who I will be working with and their refinancing terms.
When looking for new lenders, how do you approach them to find this information out?
Do you tell them what you are planning and why you want to refinance?
Or do you keep things simple and just ask about cash out refinance terms?
Thank you all for any insight or information! Discussing terms with banks is something new and I would love to start the conversation out the right way.
@Eric Davenport All you have to do is ask. The lender isn't doing you a favor by refinancing a property. They will only do it if you actually have equity in a deal.
Just be upfront and ask. By the time you will refi you property the terms would've changed anyways.
Yes, just go into smaller, local banks in person and have a quick chat with them. If your properties are/will be owned by a LLC, be sure to ask the bank if they loan to business entities.
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