Cash Out Refi/BRRRR with Conventional Mortgage
Hello BP!
I have a question regarding the BRRRR/Cash Out Refi method. I understand that most investors using the BRRRR method are buying the properties with cash.
However, I was wondering if it is possible to use this method with a conventional loan? I realise that most lenders will do a cash out refinance on a LTV of 70%.
If I purchased a property (currently analysing one) for $75,000 with 25% down (loan amount around $56,000) and the ARV came in at $110,000 could I pull out the difference?
Any help on this would be much appreciated! Thank you!