Refi requirements for the BRRRR strategy

[Raad Qumsieh]

Happy Easter everyone! Hope you are safe and healthy.

I have been trying to read and listen to podcasts about lending and refinancing specifically, but still cannot find an answer to my “problem”.

I own my own home, with my father on the loan as I own a business that makes me enough money to basically provide my basic needs. My wife is a stay at home wife to raise my 9 months old boy. I was not able to get the loan by myself so I had to add my father as a co-borrower.

Going forward, I want to start investing in rentals, using BRRRR. I am in the Midwest. We have cheaper housing and good opportunities. I will have a HELOC on my home and that's how I will start with my first investment. NOW, THE QUESTION IS: in order to do the BRRRR, I need to get a refi on the investment property, my credit score is 804, but the income I have wasn't enough to get a loan (until I added my father)nor I was able to refi my own home. Would I have trouble finding local banks to refi my brrrr investment going forward if I didn't bring more income?

P.s. I do not want to bring my dad to all of this as co borrower, I wanted to do it in my own.

Is there a way around it? Or I will have to get a W2 job to be able to refi my investments? Any help would be so much appreciated!!