BRRRR Questions on financing
Hi everyone, I have a couple questions when it comes to the BRRRR strategy. Lets say I buy a SFR for $70,000 and pay the 20% down to Bank A. I get a Hard Money loan for the $30,000 needed for renovations. After I wait the seasoning period of 6 months, I refinance with a ARV of $150,000. Am I able to refinance with bank A and cash out refinance to pay my hard money lender and get my 20% down back? Also, am I able to get another loan from bank A soon after? And with these numbers, does this sound like a good deal? Or is there a different approach someone would recommend me doing with $20,000?
Also, seller is willing to do seller financing. What scenario would you rather do?