First BRRRR questions Ohio Market

[Felipe Stefanoni]

Hello BP fam,

My name is Felipe, I run a small STR management company in FL (Orlando area) and I'm looking forward to doing my first BRRRR this year in Ohio market, I see a lot of small houses there for a good price (sometimes you can find duplexes under 60k).

Let's say between buying and rehab a property I spend something around 30k-40k (I see it's a doable thing to do).

After that, I start renting the property and try to refinance it in order to repeat it.

However, I do have a few newbie questions:

1 - Do the banks/lenders have a threshold in order to refinance properties? I'm afraid the properties I'm looking for have a low FMV and they don't refinance it and I get stuck with my money in one rental property.

2 - Do you had an experience like that refinancing a low FMV property? Any nuggets to share?

3 - Anyone from Ohio area here, I would love to hear your thoughts?

Thanks again  BP fam!

[Whitney Hutten]

@Felipe Stefanoni Have you explored picking up 3-4 under 1 loan?  I generally find the banks don't like writing checks that small... just as much work for a larger loan as it is for a loan of $50K... However, I know there are some bridge and portfolio programs out there that would package 3-4 together :)