Brrrr works only if renovation is involved?

[Raquel Adkins]

I have a couple of amazing multi properties I want to invest but they look pretty nice already, little to no rehab needed. When it’s no rehab involved I can’t do brrrr correct? Is there any other way to try to get my down payment back and not tied to the deal?

[Al Diaz]

Correct. When there is no rehab involved, you are buying at a higher price point and eliminating some of your appreciation. Buying at a higher price point narrows your refinancing options as there won't be as much appreciation if you rehabed the property yourself. 

[Jared Hottle]

I would say a BRR can definitely work without needing to do renovation if you buy for the right price. The theory is the rehab will force the apprecation up when the appraiser comes back but if you for instance buy an off market deal under market rate with cash and no appraisal was needed. You wait 6 months and refinance there is a good possibility you will get a higher appraisal.  

[Jaron Walling]

I agree with @Jared Hottle it's possible just extremely hard. Just buying a property for a fair price is hard enough right now. Value add and distressed deals are the name of game if you're aiming for BRRRR. I'd slow down and find your niche in real estate before making offers.

[Tarah Fernandes]

Yes I think you can if you buy correctly.  We just did this with a duplex.  We bought it using private money for $94K, put paint on the exterior only, around $4K. I know you said yours doesn't require rehab but only doing exterior paint is close enough ;) It just appraised for $171K.  I'll be pulling all my private money out, plus about $14K extra for misc. items we want to redo once the inherited tenants move out.  Just make sure you have a lender lined up before you buy that will do a 75 - 80% loan to value, not loan to purchase price.  If you get a deep enough discount, I don't see why not!  Hope this helps!