All Forum Posts by: Michael Fulmer

I’m in South Carolina. I’m going to keep researching this. I paid cash for the house and rehab. I wanted to refinance to get my cash back out so I can do it again and again. Thanks for everyone’s advice. 

I have been on the phone today calling most of the lenders in my area. Banks, mortgage companies, etc. They have all told me pretty much the same thing. The Fed has tightened up the rules for investment properties especially for cash out refinance. So I guess the BRRRR strategy is now going by the wayside? I was hoping for an opportunity to be able to work hard and have a vehicle to accelerate progress. But being only able to buy a house every 6 months is pretty frustrating. I've tied up a lot of money in this property. Maybe it would be better to finance my deals the traditional way. Any ideas?

Thanks Matthew. Can you give me some directions as to what a private lender is? Like I said I’m new to this game. Thanks 

Hello everyone. I'm in the middle of rehabbing my first BRRRR property and I'm getting close to the refinancing stage. I just called some local banks to check on how to refi. The first one told me they offered a 10 year term for 70% equity with a 6 month seasoning period. The second one said they could do 30 year term 70% equity at 6 months for what I paid ( got a good deal) or wait one year for the appraised value. I have watch many episodes of BP. My question is how can I build a business when I have to wait a year to do my next deal? I see others talk about doing 3 and 4 deals a month. Please help.