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BRRRR - Buy, Rehab, Rent, Refinance, Repeat
HomeForumsBRRRR - Buy, Rehab, Rent, Refinance, RepeatCash out Refi for a new LLC?
Seth O.'s profile image
Seth O.'s profile image
Seth O.
  • Investor
  • from Columbus Grove, Ohio
  • Member since Dec 5, 2016
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Seth O.'s profile image
Seth O.'s profile image
Seth O.
  • Investor
  • from Columbus Grove, Ohio
  • Member since Dec 5, 2016
Connect
Seth O.
  • Investor
  • Columbus Grove, OH
8
Votes |
20
Posts
BRRRR - Buy, Rehab, Rent, Refinance, Repeat

Cash out Refi for a new LLC?

Seth O.
  • Investor
  • Columbus Grove, OH
Posted Aug 2 2022, 06:38

Hi BP,

Earlier this year my siblings and I pooled our resources and created an LLC to BRRRR rental property. We bought a duplex for 83k cash, put in about $220k in to fixing it up. Now we are looking to do a cash out refi to get back some of our funds for the next one. However, I have spoken with a few lenders and they have both said they can't do a cash out refi for an LLC until we have 3 years of business income to show. Has anyone else had this problem. Can anyone recommend a lender that can do a cash out refi with a new LLC?

Thank you for any help!

Seth


Columbus, Ohio
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