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Updated almost 5 years ago on . Most recent reply

User Stats

26
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5
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Raad Qumsieh
  • Rental Property Investor
  • Saint Charles, MO
5
Votes |
26
Posts

Refi requirements for the BRRRR strategy

Raad Qumsieh
  • Rental Property Investor
  • Saint Charles, MO
Posted

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!!

Most Popular Reply

User Stats

485
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415
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Brian Van Pelt
  • Specialist
  • Owings Mills, MD
415
Votes |
485
Posts
Brian Van Pelt
  • Specialist
  • Owings Mills, MD
Replied

@Raad Qumsieh

Options

. Bring your father in as a co-signer and silent partner(investor)
. Bring a friend or different family member in as co-signer and silent partner.(investor)
. Use a Hard Money Lender

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