Refinancing in BRRRR Investing
Say you buy a house with a conventional loan or hard money for 50k and put 25k into it. The ARV comes back at 100k. You ask the new lender for 75% of the appraised value and get 75k back. You're able to pay off the old lender or hard money lender as well as the rehab costs. Now, what do you owe the new lender? What does the new lender get out of this? How long does this process take?