BRRRR covid roadblock.
I managed to close in February in a tight market. Managed to rehab through covid lockdowns, shelter in place and no shows. Manged to find a renter to rent starting June first renovation complete. Got to the third "R". Refinance and that's where the wheels fall off. Debt service requirements changed and 80%ltv went to 65%ltv. One lender just came back @59% ltv 3.5 points plus costs. Well, that's ruffly $50,000 less than I was expecting. That doesn't fit my model. That's not happening obviously so now my current loan vehicle a high interest 12 month interest only loan wasting most of my rent income. Now ,I know I'm not in trouble. Even on my ARM I'm still clearing $350-400 but that pretty much squashed the "Repeat" right out of my BRRRR. now it's a "M" for maintain. T for tread water.... Any helpful suggestions on topic would be fantastic.