Buy Now or Wait - Concerns about Refi
I'm looking into making my first purchase as a BRRRR currently. However, I'm concerned about a potential market correction. I have a hard money loan that covers 100% of purchase and rehab up to 75% of ARV with a 6 month timeframe. I'm worried that if I purchase now, when time comes to Refi, the correction will have caused the ARV to lower significantly. So it wouldn't cover the hard money loan. Or I may even have a problem getting a Refi in the first place. I have a limited amount of cash on hand, but it may not be enough should something go terribly wrong.
Is this something that should be a concern? How can I protect myself from these issues?