Out of state BRRRR refi
Hello World...
I've been working on assembling a team in San Antonio and Milwaukee for BRRRR. A conventional lender I was referred to in San Antonio said cash out refi was not allowed in Texas for non-owner occupied investment property.
Is this true? If so, are there more states that have this rule? I'm mostly interested in Texas, Wisconsin, Indiana, Florida and Tennesee.
Thank you,
Matt
Most Popular Reply
@Adam Woznicki is correct. We found that very few conventional lenders truly understand investment property loans. PM me if you'd like the contact info for one we like a lot. The lender you spoke to may have been mistaken as HELOCs can be difficult to impossible in Texas for non-owner occupied properties but we have done cash-outs many times. Generally with a six month seasoning requirement. Hope that helps. Best of luck!