Updated about 10 years ago on . Most recent reply
Brrrrrr
I have a foreclosure I'm buying for $55,000. I would like to use the brrrr strategy. My lender is saying if I pay cash and then rehab and it appraises for 90,000(equal to other comps in the area) I would only be able to refinance for the purchase price and that's after 6 months. Any advice on how to do it more efficiently to get my money back sooner?
Most Popular Reply
Nope. Good luck finding a Lender who will allow a re-appraisal before the 6 month mark!
And unless you can get it done for a total of $67.5k ($90k x 75%), you'll also need more of your own funds for the next one! The main thing is: you've started! Congrats! I hope others can help...