BRRRR Financing Question - New Investor
I am looking to take on a single family BRRRR project within the next few months. Obviously I cant really do much right now due to the pandemic so I am researching but I have a few questions regarding the financing:
Ideally I will use hard money for the acquisition and rehab and then go to a bank for the refi.
Do I need to get pre approved for a certain amount for the refinance portion from the bank BEFORE I even start looking and making offers? At the point of when I refi is the bank looking more at me or the cashflowing property?
Can someone explain exactly how the approval and application process for getting the hard money loan/rehab loan/refinance loan works for a first time Investor?
Anything would be greatly appreciated. Thanks BP!!