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Updated over 2 years ago,
Financing based on rental income
My Situation
So I’ve owned up to 8 units purchased with cash for the last 9 years or so. I currently have 7 units with gross rents of over 4k per month. Once I find a house to rehab for my next home, my rental count will include the house I’m currently living in, bringing my total to 8 units/ 5300k per month. No mortgages. Basically no debt. Good Credit. Pretty healthy cash reserves. I volunteer coaching high school sports and don’t have a W2 job. Financing intimidates me a bit, I think mostly because I’m not bringing a W-2 to the table.
My Question
Is my rental income alone strong enough to get me approved for the cash out refis necessary to use the BRRRR method going forward? I know I can go get a loan, I'm worried about the 2nd, 3rd and so on. (Btw my average deal would be something like 75-100k refi with rents 1000-1250) Who should I be talking to. Local banks, national lenders, one that advertises that they work with investors? Any help would be greatly appreciated!