Homestyle loan? Who's experienced? Can u BRRRR with it?(in INDY)
Hey ok, so I'm an OOS investor. Home base is Boston (Somerville) and but mostly investing in Indianapolis. I'd love to hear from everyone/ anyone who has experience with the Homestyle loan product!!! Quick Indy background: Have a great team already. Great Agent, PM, and some good loan officer options, including one that even is willing to try a Homestyle loan (but although they will do it they don't have personal investing experience using it). Have 2 SFH's in Indy already so I know the neighborhoods and I want to try to use the Homestyle loan to pull of a BRRRR of sorts in Indianapolis. It seems like I should be able to do that with this product if I'm able to get a decent contractor, right? What I'm missing is being able to talk to anyone who has actually done this?!?!
Seems like this product would be perfect BRRRR'ing- a rehab loan that investors can use- but I can't find a single success story on Bigger Pockets about it from anyone who isn't an owner occupier. And I've read all the threads. My problem is that I can understand how to traditionally BRRRR (although I haven't done it yet), but I just can't seem to fully wrap my head around how to pull it off with all of the moving pieces- from purchase -to rehab- to the refi'ing out of it.
Seems like it should work so why there aren't any success stories about it? I know Bigger Pockets has a guide about it even but it doesn't really talk about to actually use it to invest. I want to start to BRRRR in Indy but I don't have the full 100K-ish in cash needed to start so I wanted to explore this "shortcut" (not interested in using hard money). Also I really value everyone's time and happy to compensate if you can share your knowledge either here or via PM. Thank you so much for your time!