Starting to Invest using Buy Rehab Rent Refinance Repeat (BRRRR)

[Joseph Heimann]

Hello All,

I'm a relatively new investor, owning one single family in Texas that I am currently renting out. After travelling Asia for 6 months, I am now back home in Wisconsin and looking to get more property. I have a few problems regarding financing.

 I just started working a "part-time" job (50hrs/wk) and this doesn't exactly make it easy to get financing for a house. Banks don't seem to like the part-time aspect of the job and I have only been working there a short time as well. This is the main hurdle as my credit score is around 800 and I can get enough for a downpayment.

Now, I would like to BRRRR. If we assume that I can find private money to get the first property, how would I go about doing the "Refinance" portion? I'm assuming I would run into the same problems that I am currently seeing in financing. Any suggestions on how to address this problem?

I currently have a few properties I'm looking at, and trying to get the private money needed. I just don't want to be stuck in it with no way of getting the money out.

Thank you for the help!

[Brian Garrett]

You would need to use a commercial/portfolio loan for the refinance.

You won't qualify for a conventional Fannie/Freddie loan without the job.