Question on BRRRR Strategy
Hello bigger pockets,
Need suggestion to successfully implement brrrr method. We have a residential property which we own for more than 4 years and the loan is completely paid off. Now we are moving to a second resident and planning to rent our first one. We are planning to refinance after rent can use that money to buy our next investment property. My question:
1. Should we go for refinance or home equity loan and what’s the main difference and what’s best?
2. After refinance I doubt that our rental property could make only couple of hundred $$ in cash flow as we will have to pay hoa, mortgage payment, taxes, insurance and one month vacancy is considered too. Do you think it’s still a good deal?
3. How this will work in repeat process? Does it mean we will have to go back to bank and ask for loan for our 3rd, 4th.... property? How likely it is to refinanced from bank? Isn’t it like building more debts on you?
Your help will be really appreciated