Buying my first BRRRR in South Bend

11 Replies

I close on my first BRRRR in a couple of weeks and it's in South Bend. I have a great realtor, a contractor, and property manager. What I'm lacking is the "refi" part. If the loan was going to be over $100K no problem. But, the house I found won't even hit the $100K mark let alone the loan amount being $100K. I did find someone that will refi after 6 months if the house price appreciates and will do a loan for $50,000.

Does anyone have a solution for this low house value part of the BRRRR to make refi happen sooner than 6 months? I almost feel like this market is better for low end flips or buy and hold with no cash back like the BRRRR gets you. Thoughts?

Your best bet it getting a HELOC on another property; I went through something similar & got a HELOC on one of my properties. I hope this is an option for you.

Caliber Home Loans may have a solution; Caliber is a national lender & we used them for small condo we purchased a few years back. 

Caliber Home gave my partner a HELOC on a $60k condo that he purchased a few years back; the terms were reasonable (fees were high).

Originally posted by @Sean Julian :

@Jonathan Hulen

I haven’t tried this credit union but the other I called said they needed me to live or work in Indiana. I’ll call here too.

 I invest in Indiana and use PenFed.