BRRRR strategy question

[Clint Harris]

I have 3 rental properties that I own free and clear in Columbia SC that cash flow really well. I bought 2 foreclosures super cheap, renovated, rented them, and then when I attempted to refinance, I was told by multiple banks that for at least a year (2 years in one case) the property would only appraise for what I paid for it. As a result, I took out an equity line on the 2 instead and paid cash for a 3rd, and then used the cash flow from the 3 to pay off the equity line. (Weird strategy, but I was in my 20s, and it was all trial and error, mostly the latter) After recently discovering bigger pockets, I want to use my equity to circle back and expand our portfolio. I absolutely love our current cash flow, but in the interest of growth, if I refi the properties I have, and use the BRRRR strategy, has anyone run into issues with being able to refi after renovating? I don’t want to renovate, take a hit on my cash flow, and then have to wait a year to refinance. Are those days over?

[Paige Kelsey]

You should be able to get a 10 yr am at 20-25 yrs  on the commercial at 5 + %. I was able to get that in Dayton Ohio on a portfolio of 13 doors from a local credit union. I actually ended up doing something else but.......10yrs  is a good amount of time