BRRRR with conventional loan?
I have a multi family under contract with a 25% down payment using a conventional loan. I'm planning to rehab, rent, and refiance in 6 months (BRRRR) for the first time.
Will I be able to cash out refinance with 70% loan to home value (LTV) if I have utilized a conventional loan to buy the home in the first place? Or does that ONLY work if I bought using cash without an initial appraisal?
Please advise if I can do BRRRR with conventional financing in step one assuming the bank' appraisal report comes through.
P.S. I'm not concerned about the closing costs associated with financing and re-financing.
Many thanks in advance for your help!