Debt to Income Ratio

[Sachin Bhat]

Hello Everyone, Happy Thanksgiving!

I would like to buy out of state property (SF) from an wholesaler and finance it with Hard-money, I am running into an issue when trying to get conventional banks to refinance the property after 3-6 months. I called around 20 banks and they all say the same thing. They say I don't qualify because of my debt to income ratio. My FICO is 750+, I am currently house hacking so all my expenses are paid by the tenants (I basically live for free), I have w2 income but it doesn't cover all my expenses if I don't have tenants.  This is the second property I am house hacking first being the condo which I sold for a good profit. So, my question is how do I get around this hurdle and how can I get out of Hard-Money once the seasoning period is over? I don't want to buy and not be able to refinance. I appreciate any inputs.