Greensboro (Triad) Lenders and Real Estate Agents

[Tripp Smith]

Greetings!

Quick question about "cash out" refinancing on properties that already have a mortgage. I submitted an offer on a BRRRR opportunity in Greensboro this afternoon only to realize afterwards that my lender would not offer a "cash out" refinance after rehab work if I was already under a mortgage. Luckily my offer was not accepted (I guess?) because it would have led to me leaving way too much cash in the deal.

Is this common in lenders? Which types of lenders do you use that offer “cash out” refinancing? Big banks, credit unions, private lenders etc.? 

I’m also in the market for a real estate agent in the Triad that is experienced working with investors; bonus points if you invest yourself. Please reach out! I am eager to create a partnership where all parties involved can succeed. 

Any and all recommendations and connections are welcome. 

Thanks in advance,

Tripp Smith

[Jonathan Taylor Smith]

@Tripp Smith - While a perfect BRRRR is one where you get all your cash out (plus a nice profit), its not the end of the world if you leave cash in the deal, depending on the resulting ROI on that cash. I typically buy my properties for BRRRR using Hard Money or Private Lender funds, then hold them under that initial loan for "seasoning" as long as required by my target refi lender to get cash out at 75% ARV while paying off the initial loan.