I have a quick question my wife and I are just getting into real estate. We want to focus on the brrrr strategy and are looking for financing with hard money lenders. I was just wondering based on reserves how much would you be pre approved for? We have 40kcash not including retirement accounts and we’ve been approved from a hml for 100k and I was just thinking that’s a little or is that standard thanks in advance!
Specialist · Delran, NJ · Member since 2016 · 2k+ posts · 951 votes
6y
It would depend on the LTV the lender is offering. At 100% financing I'd think you're closer to 200K with cushion. As your LTV comes down so does your buyability