First BRRRR questions Ohio Market
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!