Skip to content
×
Pro Members Get
Full Access!
Get off the sidelines and take action in real estate investing with BiggerPockets Pro. Our comprehensive suite of tools and resources minimize mistakes, support informed decisions, and propel you to success.
Advanced networking features
Market and Deal Finder tools
Property analysis calculators
Landlord Command Center
ANNUAL Save 16%
$32.50 /mo
$390 billed annualy
MONTHLY
$39 /mo
billed monthly
7 day free trial. Cancel anytime
BRRRR - Buy, Rehab, Rent, Refinance, Repeat
All Forum Categories
Followed Discussions
Followed Categories
Followed People
Followed Locations
Market News & Data
General Info
Real Estate Strategies
Landlording & Rental Properties
Real Estate Professionals
Financial, Tax, & Legal
Real Estate Classifieds
Reviews & Feedback

Updated over 4 years ago on . Most recent reply

User Stats

6
Posts
2
Votes
David Warner
  • Real Estate Agent
  • Troy, IL
2
Votes |
6
Posts

BRRRR, "Not so fast" cash out refinance

David Warner
  • Real Estate Agent
  • Troy, IL
Posted

Closing on a SFR BRRRR next week and coming to some realizations not previously considered. This is definitely a rookie learning experience in which I will be taking detailed notes. Lender says that the commercial loan product I am using will convert from interest only to P&I at the end of rehab and there really is no cashout refi option for at least a year? She says I COULD quit claim from the LLC to my name and back and do a 30 yr in the process but the cashout would hit my credit like income? The house appraised much better than anticipated so on a 75/25 cashout refi I would be able to cover purchase and expenses and walk away with a nice bit of money to pump back into marketing etc. Thinking that I may have to wait on the refi and cashout has me rethinking my strategy and also everything I thought about BRRRR. My strategy is long term buy and hold but with the appraisal we received it only makes sense to take equity now if possible. Advice greatly appreciated.

Loading replies...