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with this strategy is it assumed that I must have good credit in order to approach a bank for refi.
As well what strategies would you recommend for those type situations?
Generally speaking, anytime you’re looking to get financing from a bank (initial or refinance) your credit is going to be considered. The better your credit the better terms you’ll get. If you don’t have good credit you could always look at doing a long-term hold with a joint venture partner instead.
Daniil, I’m looking to purchase a Rental Property that my daughter will be renting don’t have a property picked out yet, looking on MLS for a property where now I’m dealing with an agent looking to purchase a property for 60k I told the agent I would be purchasing as a investor for investment property. The lender wants the 20% down 12k but can I structure a deal like this without not being able to refinance and continue with my original 12k to purchase another rental or should I altogether just find my own property and funding
Willie – I really like the BRRRR strategy because it allows you to get your money out of the 1st deal and put into the next. But it’s hard to give you advice without more info. You can get access to all of our BRRRR education here: https://RehabValuator.com/developers
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