Contractor · Eureka, CA · Member since 2015 · 101 posts · 64 votes
I have a property in California I've owned for 3 years currently in the sale process and looking to net around 120k after closing costs. I am younger and a carpenter by trade looking to get into BRRRR'ing out of state. I anticipate hitting issues with the refinancing aspect as my credit is rather poor.
Although, if I purchase a property completely for say $60k, then another for $20k and put the rest of the money into it in rehab, could I refinance with the property I own outright as collateral? What are better strategies to begin?
Contractor · Eureka, CA · Member since 2015 · 101 posts · 64 votes
6y
Or a different scenario.. buy a collateral property, then buy a fixer that is owner financed with $2k down and go from there? I guess a better question might be (without getting too personal about my credit score), what is a minimum or appropriate score to have for refinance in order to not get laughed out of the office of your local community bank lol