Purchased a home at 5% down for $185K and put $15K into renovations and now think it’s worth ~$230K. If I’m planning on using this as a rental, does it make sense to BRRRR it to remove PMI and such? (Terrible interest rate currently)

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Run the financials, when I BRRRR my current rental I refinanced 2 years after purchase. I only did cosmetic changes so market price had gone up to be able to take out my investment of $50k on a $265k home. Also make sure you take into account the transaction costs you will incur, for me it was about $9k on closing and other costs. Now since market is not climbing as fast, the other home I purchased this year will not have significant year to year gain. I’ll need to wait for interest rate to adjust and likely will not take equity but reduce my interest payment so it cash flows better and I can payoff faster.

How successful has BRRRR been for you?

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