So, I have had rental property for a long time (which I just owned and operated, successfully), but I’m just now attempting to formally do BRRRR.
The problem is the bank tells me that they would not recommend that I refi my first property for a down payment on the second. And beyond that, they’re telling me that I shouldn’t refi the first property, period, until the second one is purchased. They suggested I just do a HELOC for cash, if that’s how I want to play it.
I have cash to do the second one without refi-ing the first, but I also have stellar credit and a PMI payment that I want to lose on the first mortgage, regardless of whether I use a refi to generate cash.
So, can you guys tell me more about how one would ideally do BRRRR in terms of finance, and also where do you find your banks?