1st Deal BRRRR confusion
I'm trying to get all my ducks in a row and set up some exit strategies for my first BRRRR. I'm turning a SFH into two apartments that rent for $1600 total. Purchase is $50k, rehab is $35k, ARV is $160,000. I have a hard money lender that s recommended through BP that is willing to do business with me, however, I am having issues finding a bank that will Refinance or allow me to pull equity out of the house once it's done. Every bank I have spoken to shuts me down once they hear that I am not living in it. Am I missing something here? How is everyone that utilizes this strategy pull money out of these rehabs?