Getting the refinance loan when using the BRR Strategy

[Brian Chase]

I am currently a self-employed lawyer and I want to get into buy and hold investing. I like the idea of the BRRR strategy. However, I've been told repeatedly that I do not qualify for a traditional 15 or 30-year mortgage due to my debt-to-income ratio. My current mortgage puts me fairly close to the 40% ratio that seems to be the cutoff for getting a traditional loan.

I've been told that bank lenders will not add in rental income to your overall income until you have 2 years worth of it. So, I'd have to have a renter in the house for two years before the rent income for the house would be taken into account.

So, I'm a little worried about moving forward on purchasing a house with the plan of rehabbing and refinancing, if I can't get that refinance loan at the end.

Anyone experience this? Anyone have any suggestions on how I can try to minimize my risk of not being able to refinance? I haven't yet found a property where I can make the numbers work with the high interest on private money.

My other issue is that I'm currently selling my home with plans to buy another one (need more space for my family). I think I want to wait to start investing until I purchase my own home so I don't end up in a position where I can't qualify for a mortgage for my own house.
I will be looking to buy a property where I can house hack, I'm just hoping to also pick up a rental property this year.