BRRRR - Buy, Rehab, Rent, Refinance, Repeat
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Updated over 5 years ago on . Most recent reply
BRRRR Buy Rehab Rent Refi Repeat
Who has put together a well done proposal for a Cash Out Refi? I have a property that I purchased using hard-money, paid off the existing mortgage and used about $20K to do cosmetic renovations. I need to find a (portfolio) lender that will loan me enough to pay the hard money and have some cash reserves to repeat the process. Is there anyone that can assist me with formatting a really nice proposal for a lender?
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#5 Mortgage Brokers & Lenders Contributor
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You really don't need to make a presentation or have a template. Find a mortgage broker that does portfolio lending and you should be fine. They'll ask you a bunch of questions, fill out an application, run credit, order title and hazard and check your LLC docs and you're on your way.
There are numerous low seasoning products on the market for you that don't require tax returns and that will give you cash out up to 75% of the new appraised value.