Can some explain the Refinance portion of the BRRRR method? Do you have to document the upgrades you made? How does it work?
@Jewel Coleman , when you make the initial purchase, you as the buyer are now on title. Once the repairs are complete, you will refinance the property. The bank will require an appraisal to know what the new value will be. This is the basis they will use to determine your new loan amount. I always turn in a list of repaired items to the appraiser just to help them determine what has actually been done! I don't include any pricing or itemization just a list of completed work.
Okay! Awesome thank you for the tips.