Refinancing issues after BRRRR
Hello peps! what other routs can I take if I can't get refinanced after doing a BRRRR? In other words how can I get my moneys worth outa the property?
Thanks
What kind of issues are you having?
Quote from @Shawn Forrest Crofoot:
What kind of issues are you having?
I am getting all my dock in the row and I wanted to ask this question before I get surprised with that?
OK. I've done investment loans in IN for a few years now, what kind of questions do you have?
#3 BRRRR - Buy, Rehab, Rent, Refinance, Repeat Contributor
- Investor
- Austin, TX
- 5,507
- Votes |
- 9,861
- Posts
#3 BRRRR - Buy, Rehab, Rent, Refinance, Repeat Contributor
- Investor
- Austin, TX
Sell the property.
You can't refi - this is not a surprise - this is a lack of due diligence and a good learning lesson.
Why not do a commercial loan? Should be no problem there?
Quote from @Jeremy H.:
You can't refi - this is not a surprise - this is a lack of due diligence and a good learning lesson.
Why not do a commercial loan? Should be no problem there?
Thank you for the information.
Quote from @Eliott Elias:Will it hurt to hold onto it and rent till I can get more from the property?
Sell the property.
- Lender
- Nashville TN - Licensed in AL AR DC FL GA LA MD TN, TX and VA
- 334
- Votes |
- 583
- Posts
@Damilola Olowu - chances are you will not be able to take cash out of the property via refinance for at least 6 months after acquisition (that timeframe is about to become 12 months for conventional loans). If you don't need to get cash-out and just want to pay off your hard money loan and put a more favorable loan in place, you can do a rate/term refi immediately. Only other realistic option that I can think of to get your money out ASAP is to sell the property.
#1 Creative Real Estate Financing Contributor
- Lender
- Austin, TX
- 3,368
- Votes |
- 3,370
- Posts
#1 Creative Real Estate Financing Contributor
- Lender
- Austin, TX
Quote from @Damilola Olowu:
Hello peps! what other routs can I take if I can't get refinanced after doing a BRRRR? In other words how can I get my moneys worth outa the property?
Thanks
What are some of the problems you are seeing preventing you from refinancing?
Hi Damilola- Is there anything specific that you're referring to? I'd love to offer advice and connect.
I feel we as the audience are only hearing half the story here. Is this in part because of the Fannie Mae seasoning guid lines with conventional loans? I've read some comments regarding commercial refinance which i think is great, perhaps a DSCR (if) you are all in at %70-75. I think its important to remember leaving a little a cash in the deal doesn't make its bad BRRRR.