Refinancing BRRRR in western ma

[William Breymann]

Morning, my name's Will and I'm a new potential investor. Like many it seems, I'm attracted to the idea of the brrrr method. Have a good amount of equity in our home so was thinking about buying cash w our heloc and then using it to rehab but it seems that between interest rates and our local banks not having good cash out refi options, the numbers won't work. One told me I could pull 65% out but that they weren't offering fixed rate mortgages, just variable (but there was a chance they would be doing fixed by the time I refinanced?) Another commercial loan officer said they would do 75% of the purchase price + actual rehab costs and then it would be a 5 year ARM. Reached out to a loan officer through BP but haven't heard back yet. I have good credit and work in healthcare and have never had trouble getting loans but is this a case of having to make relationships and prove myself or is this just the state of financing right now? I'm in the Berkshires, not Springfield if that matter. At this point I'm leaning more towards just saving up as much as I can for a 20% downpayment and not brrrr'ing. There are a ton of moving parts to pull off a brrrr and seems like it might not be the best move for a rookie, even if I can find financing that works. Appreciate any feedback or thoughts on my situation or recent experience w cash out refi's in western ma. Thanks!