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BRRRR - Buy, Rehab, Rent, Refinance, Repeat
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Updated about 1 year ago on . Most recent reply

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13
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Matt B.
  • Chicago, IL
9
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13
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Current BRRR Situation

Matt B.
  • Chicago, IL
Posted

I purchased a SF with cash in an LLC and now looking to pull cash out of the deal. The property is in Mississippi, purchase price was $120k with $30k rehab, ARV is $180ish. I could put a mortgage on the property, I was quoted 60% LTV with 8% rate amortized over 15 years. I've thought of a HELOC but looking for a longer term solution.

Are there any other options? Any additional thoughts?

Thanks all,

Most Popular Reply

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228
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Nate Herndon
  • Lender
  • Springfield, MO
172
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228
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Nate Herndon
  • Lender
  • Springfield, MO
Replied
Quote from @Matt B.:

I purchased a SF with cash in an LLC and now looking to pull cash out of the deal. The property is in Mississippi, purchase price was $120k with $30k rehab, ARV is $180ish. I could put a mortgage on the property, I was quoted 60% LTV with 8% rate amortized over 15 years. I've thought of a HELOC but looking for a longer term solution.

Are there any other options? Any additional thoughts?

Thanks all,

Hi Matt, here are a couple of other options on a DSCR loan for a 30-year fixed. Lower monthly payment than the 15-year term. This is a program I utilize routinely for my clients.

There are lots of options outside of a HELOC, or shorter 15-20 year amortizations that many conventional banks offer. A DSCR loan, or Debt Service Coverage Ratio loan, is underwritten to the property income instead of your personal income/taxes/debts.

  • Nate Herndon
  • [email protected]
  • 417-605-2196
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