Banks Will Fund ANYTHING.... Part 5
youtu.be
The video discusses the BRRRR method, which allows investors to buy rental properties without using their own money. The refinance step is crucial because it enables investors to get their initial lender's money back without using their own funds and still own the property. The speaker emphasizes that investors should not go to big national lenders like Bank of America or Wells Fargo. Small local banks and credit unions are the best places to go for long-term financing on rental properties. These banks keep the note in-house and make money on the interest, rather than selling the mortgage to the federal government like big companies do. This allows them to be more flexible and fight over your business. Investors should talk to the commercial lending division of the bank and ask if they do 75 or 80 cash-out refinances. The speaker recommends talking to banks before buying a property to ensure they will do a cash-out refinance. Investors can find these banks by attending local meetups, asking other investors, or driving around their area. The speaker provides an example of how to use the BRRRR method to buy a rental property without using your own money. The speaker emphasizes that investors can repeat this process as many times as they want, as long as they develop relationships with the right banks and lenders. The speaker is giving away a mentorship worth several thousand dollars, and to enter, viewers must subscribe to the channel, hit the notification bell, like the video, and comment on how many rental properties they want to own.
The video discusses the BRRRR method, which allows investors to buy rental properties without using