Updated over 10 years ago on . Most recent reply
BRRR Question
Hi all, about 5 years ago I bought a home as my primary residence, I renovated it, then started renting it about 3 years ago. Today I have about $40,000 in equity and was hoping to complete the last R in BRRR and refinance to pull the money out to invest in real estate. When I spoke to my lender he told me I can not do a cash out refinance because the home is an investment property. Does this sound right? and if so then what is the point of the Refinance step in the BRRR technique?
Some other info: I am in the state of Maryland and I originally purchased the home using a VA loan.
Most Popular Reply
Hey @Malcolm Lawson
If at first you don't succeed; try, try again. My experience with mortgage brokers and bankers is that every one of them has a different opinion and understanding of the rules or guidelines when it comes to mortgage options. Get 5 more opinions or as many as it takes to get the answer you need.