Hello, I am looking for some options on financing. This house will be our 6th rental. We have also flipped a few houses.
I am running in to a problem where the cash flow is good and it would be great to add this to our portfolio. However when we purchase a house like this we almost have to do an interest only loan like a flip with 20% down and they can give us draws on the repairs. Then wait almost a year to have it appraised before we can turn it in to permanent financing. Other wise the house is appraised at the purchase price. We want to purchase this, fix it and then refinance it. With 6 houses like this we are looking for other alternative methods to finance the full amount up front. Any ideas? I hate paying the interest for 6-8 months then re-finance them. Is that the game we have to play or are there alternatives we not finding?
Thank you in advance for any help.
*This link comes directly from our calculators, based on information input by the member who posted.
I think this is a link to the BRRRR Calc I did. If the copy and past works if not pm me and I will send you a link. Maybe I need to be doing the Interest only and converting it using this calculator. I changed a few numbers but let me know what you think. Thank you.
I guess this post was uninteresting 🥺