Refinance options for the self-employed? | BRRRR Approach

[Jake E.]

Hello BP!

I'm curious if anyone has experience in getting a property refinanced as a self-employed individual. I'm currently seeking investment properties (SFH or possibly duplex) with the intension of paying cash (including rehab) as outlined in the BRRRR strategy, then refinancing based on its improved value.

I know income verification is a common question for the self-employed, but what if one already owns the property free and clear? Are lenders just as concerned about one's income, or can the added rental income be enough of a justification on its own? With the various types of loans and lengthy regulations for each, I'm curious what options are available if one couldn't provide 2 years history or proof of steady income.

Obviously, this is all hypothetically speaking as I'm just thinking ahead to possible scenarios and sizing up options before moving forward. With so many loan types available (conventional, commercial, personal, etc.) I wonder if one approach might work better in such a situation.

If anyone wants to share their experiences or offer suggestions, feel free! I'm sure I'm not the only one wanting to know.

Thanks!