Experience "BRR"ing Primary Residence?
Note - I left out a couple of R's: Rent and Repeat. Focusing on Buy, Rehab, Refinance with this one!
My wife and I are looking to relocate back to LA within the next 1-2 years so we're trying to get all of our ducks in a row ahead of time, and am just curious if anyone has used the BRRRR strategy to get into their primary residence? Buy a house, fix it up, cash out refi to recoup most (hopefully all!) of the cash you put into the deal.
We'd be looking to live on the west side (MDR/Culver/PDR) areas and would have enough cash to put down for the property we want, but would love to be able to pull as much cash out as possible once we're done renovating so we can use it for our RE investment mission.
Looking at Zillow and the like, prices are insane right now (2 bed/ 1 baths going for $1mm+), so just curious if anyone knows/has had any luck with wholesalers in the area and banks/lenders in the area that are willing to lend on this type of strategy. We're open to using a HML as well.
Thank you!
Justin
