Financing based on rental income

[Justin Stowers]

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!

[Jason Wray]

Justin,

You do not need to worry about any W2 or persoanl income/tax returns going forward as long as you choose the DSCR loan program for both purchase and COR cash out refinance. These loans allow you to even put less down on 2-4 Units Multi-family rentals versus conventional.

Another highlight is you can close in an LLC or Trust...