Struggling to BRRRR in Texas . . .

[Mitch B.]

After listening to many podcasts & YouTube testimonials of successful BRRRR stories, I thought I'd apply that method on my next property. After conversations with multiple regional/portfolio banks ( here in North Texas ) who offer the typical 20 year @ 5% notes, they WILL NOT do a refi based on "market rates" less than 24 months after initial purchase. They WILL however do a refi right away, but will only lend up to 80% of my property + rehab costs (which leaves 20% of my cash in the property). In this case I'm unable to reuse all the cash for my next project like I hear in all those success stories.

What am I missing?

Thoughts, suggestions?

Many thanks, 

[Scott Ewell]

@David Schulwitz, I use Prosperity Bank, and you should be able to get the terms talked about from above with a 30yr amortization.