Rental Refi with no Income

[Dan Schweit]

What are the options for refinancing a property if I have no income? What are the options to pull cash out strictly based on the numbers of the property itself and how much will this limit my options?

Can I still get a 75% ltv cash out without the use of tax returns or w2?

I have been a small business owner for many years, have plenty in cash reserves and a couple properties with very solid equity, but I am between businesses at the moment and have no paychecks coming in. I want to spend some time working on my real estate portfolio before deciding if I am getting back in to the small business world.

[Stephanie P.]

Originally posted by @Dan Schweit:

@Jaysen Medhurst

Thanks for the reply Jaysen. I know that the longer the rental income history the better chance I will have. But, I’m curious as to if I’m looking to brrrr out, if there are possibilities if the property only shows a short history or brand new lease. I will make some calls this week and make my proposal to some lenders as well. Thanks.

Dan

You can refinance out of your hard money with just 90 days property seasoning and a brand new lease (as long as you can show cancelled check for security deposit, first month's rent and a lease).

It's not Fannie money, but it's very strong; 30 year fixed in the 5's with a few points.

Lots of brokers out there can do this for you.

Just because it's not Fannie Mae or Freddie Mac guaranteed doesn't mean it won't cash flow.

Best of luck

Stephanie