The Refinance in BRRRR
A whole course could be thought on Refinancing in the BRRRR method. Case in point: I started a real estate investment company three years ago, (Pawa Investment Properties LLC), and after hiring a coach to teach me the BRRRR method, I got private funding from friends and family to buy a single family home last year for $76,000 cash. The appraisal came in at about $185,000. Excited, I headed to the bank for a cash out refinance only to find out that it is not that easy. The bank wanted a DTI of 40%, didn't it because I recently bought a wine store with cash and cc so my credit score is between 599-623, the last time I checked. I am still to cash out on a property with no mortgage that is worth $185,000. I am only asking for $100,000 and already have the property rented.
New investors like myself need to be schooled more on the Refinance of the BRRRR method. It is the most important R.
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Use DSCR lending in the meantime.