Core concepts
Acquisition at 70% (ARV − rehab)
Builds margin for cost overruns and appraisal shortfalls.
Refinance lender selection
DSCR lenders typically allow 0–90 day seasoning vs 6–12 months conventional.
Stabilization before refinance
Tenant in place 30–90 days lifts appraised value and DSCR.
Examples
- $60k buy + $35k rehab + $5k carry = $100k → refi at 75% × $145k ARV = $108k recovered.
Practical applications
- Capital-efficient rental scaling.
- Operators with renovation experience.
- Markets with strong appraisal support post-rehab.
Common mistakes
- Over-rehabbing.
- Lender mismatch (seasoning rules).
- No exit financing committed at acquisition.
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