Trying to figure out how to BRRR
I am currently working on purchasing a 3/1 Townhouse at a large discount with a investment loan with a 15 year fix. I plan on fixing it up and rent it out, then Refinance for a 30 year fix and of course enough to purchase another property to conduct the BRRR. How does the process work of Refinancing work? I understand you need a appraisal at some point, and the lender can usually give 60-80% of that value, but how does it work though. Do i just go to a lender after the appraisal and reno and say I want to Refinance this place? Also what if i bought it with just cash? Can I still Refi?
Key words- noobie - refinance - BRRR - Appraisal - buy and hold - Rental -