BRRRR - Buy, Rehab, Rent, Refinance, Repeat

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Elizabeth Munene
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BRRRR, cashout refinance help!!

Elizabeth Munene
Posted Sep 12 2022, 07:15

Current BRRRR

deal. I get caught up in the

refinance part. I have found that most local banks in the Prince Georges County, MD

area are not interested in this type of deal. Anyone out there have any

leads for property refinance - cash out? Currently have 1 single

family home in Fort Washington that have been rehabbed and currently screening tenants. Any

help greatly appreciated!

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Caleb Brown
  • Real Estate Agent
  • Blue Springs
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Caleb Brown
  • Real Estate Agent
  • Blue Springs
Replied Sep 12 2022, 08:28

What reasons did they give you on why they won't? I would continue to ask banks/local lenders. If there is any local meetups or FB groups I'd use those to ask around. 

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Joe Freeman
  • Real Estate Agent
  • Chicago, IL
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Joe Freeman
  • Real Estate Agent
  • Chicago, IL
Replied Sep 12 2022, 08:35

Definitely reach out to others in your community to see what they did! Did they give you a reason as why they do not want to refi your loan?

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Eric Goldman
  • Lender
  • Pennsylvania
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Eric Goldman
  • Lender
  • Pennsylvania
Replied Sep 12 2022, 09:17

Broker here. as long as it cash flows and appraises you should not have a problem. I would skip the big banks

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River Sava
  • Lender
  • Austin, TX
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River Sava
  • Lender
  • Austin, TX
Replied Sep 12 2022, 12:05

HI Elizabeth- would love to connect and help!

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Mitch Larrivee
  • Orlando, FL
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Mitch Larrivee
  • Orlando, FL
Replied Sep 12 2022, 12:23
Quote from @Eric Goldman:

Broker here. as long as it cash flows and appraises you should not have a problem. I would skip the big banks

 Hey @Eric Goldman - Big banks don't like cash-out refi's or just because a 70-75% LTV? Would love to hear more detail here.

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Eric Goldman
  • Lender
  • Pennsylvania
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Eric Goldman
  • Lender
  • Pennsylvania
Replied Sep 12 2022, 12:27
@Mitch Larrivee, I have never had a great experience with a large bank, PNC, TD bank, Bank of America ETC. Most like larger loans. turn times horrible. 
Small local banks seem to be the best avenue if client can qualify based of DTI and DSCR. I have accounts with PNC and TD and did not even use them for my primary purchase. 

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Joe Freeman
  • Real Estate Agent
  • Chicago, IL
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Joe Freeman
  • Real Estate Agent
  • Chicago, IL
Replied Sep 12 2022, 12:44

Would also check out local credit unions. Have had clients in the past use them and have received better rates due to their not-for-profit organization standing. 

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Johnny Lynum
  • Rental Property Investor
  • Panama City, FL
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Johnny Lynum
  • Rental Property Investor
  • Panama City, FL
Replied Sep 12 2022, 16:41

@Elizabeth Munene you want to checkout your local community banks and credit unions to see what commercial loan products they offer. You can also checkout residential capital partners based out of Dallas, TX. I am currently refinancing a property in Alabama with them.

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Russell Brazil
  • Real Estate Agent
  • Washington, D.C.
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Russell Brazil
  • Real Estate Agent
  • Washington, D.C.
ModeratorReplied Sep 12 2022, 18:40

Reach out to @Upen Patel

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Kyle Deutschmann
  • Lender
  • Ellicott City, MD - NMLS 1815618
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Kyle Deutschmann
  • Lender
  • Ellicott City, MD - NMLS 1815618
Replied Sep 13 2022, 06:18
Quote from @Elizabeth Munene:

Current BRRRR

deal. I get caught up in the

refinance part. I have found that most local banks in the Prince Georges County, MD

area are not interested in this type of deal. Anyone out there have any

leads for property refinance - cash out? Currently have 1 single

family home in Fort Washington that have been rehabbed and currently screening tenants. Any

help greatly appreciated!


 Hey Elizabeth, I'm local to the area and also own a property in PG County. Do you know why they're not able to refi the property? They may want to see that it's rented when they do the appraisal. Happy to chat if you'd like a second opinion from someone local. 

Lender Virginia (#MLO-40004VA), Tennessee (#174303), Maryland (#1815618), Florida (#LO82264), District of Columbia (#MLO1815618), Delaware (#MLO-1815618), Colorado (#100514246), and California (#41DBO-78367)