100% LTV Home Equity Loan Experience Using the BRRR Strategy?

Question

Does anyone have any feedback/experience getting 100%, 90% LTV on a home equity loan?  Refinance, Etc...

For Example:

If are in a high demand market where you cannot acquire a property under market value.  But still want to apply the BRRR Strategy to recoup as much of your downpayment money + rehab money out so you can (R)repeat the buying process and expand your portfolio without running out of capital.

Thanks in advance for all responses.

Cliff Harrison · Answer

You could try P2P unsecured lending like prosper.com.  Your interest rate is pretty much determined by your credit score.

I finance out at up to 80% LTV, but the lender caps out the max loan amount at purchase + rehab costs.  So I can get all the cash back out if I bought low enough and rehabbed efficiently and do it again, but I can't add to the pile.

Brent Coombs · Answer

Thanks Ryan; and the same to all. Cheers BP!...

Ryan Rogers · Answer

Happy Thanksgiving Brent

Brent Coombs · Answer

@Ryan Rogers, try finding the Lender called Idiots-r-us. They might do it...

Ryan Rogers · Answer

Thanks for the response Curt!

My example to everyone would be:

Purchase Price/Appraised Price  $450,000

20% down (90K)

Loan = $360,000

Is there/does anyone know: if there's a product where you can get a second mortgage or Equity Loan for the additional money you originally put in as a down payment?  So basically 100% financing.

If there is then it seems like it would make the last (R)peat step far easier.

Thanks!

Curt Davis · Answer

I know with my lender I use that you can purchase a home all cash and then do a cash out refi starting the very next day with no seasoning.  If your all in for example $70k and it appraises for $100k you will get all of your money back.

A few years back I put a HELOC against my primary residence but they only do a 75% LTV - mortgage balance.

Good luck

100% LTV Home Equity Loan Experience Using the BRRR Strategy?

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