Updated almost 6 years ago on . Most recent reply
What type of loan for BRRR?
I am doing a cashout refi of an existing SFR and will be using the cash to purchase 1-2 new rental properties. I plan on buying via a mortgage with 25% down, renovating, and renting. I'm considering doing a refi on 1 of the new properties to get out new cash. Based upon that, should I not be getting a traditional fixed 30 year loans on the new properties? If I'm going to refi-cash them out in a year wouldnt that mean I have to pay all the closing costs all over again?
Is there a better type of initial loan/vehicle to use when purchasing these new properties if I know I'm going to try to get cash out in 6mo to a yeaR?