First BRRRR - Low Appraisal. HELOC..?

[Nancy Cotten]

Hello All,

Question - How long before I could get a HELOC after a cash-out refi? Details below.

Thanks to everyone here and The Podcast, I have successfully (almost) completed my first BRRRR!

I’ll be able to pull out almost all of my money invested, and once I’m no longer house hacking it as a primary, it should CF around $500-600 per month!

Quick question for everyone on how quick secondary financing can be pursued?

I close on my cash-out refi this week, and due to the low appraisal, I cannot pull out as much as I had anticipated.

I understand that, unfortunately, this is the nature of the beast and a possibility when depending on an appraiser’s valuation - However, my realtor, lender, conservative comps, etc, all point to a valuation of 15-25k higher.

Once my current refi closes, is there any time span I have to wait (or other possible negative) with ordering another appraisal with a new lender for a HELOC to utilize the rest of the expected equity in pursuing additional projects?

Thanks for any thoughts/responses.