Is a cash-out refinance easier to get approved for?

[Blaine Alger]

Since I am a 21 year old and lack a history of W-2 income, no bank would ever lend money to me for a traditional mortgage. But lets say I was doing a BRRRR, bought a property cash, rehabbed it, and then went to refinance it with the bank.

I figured it might be easier to get approved for the cash-out REFI given that you already bought and fixed up the property on you own. Now the bank would have nice, new piece of collateral to hold.

Would I have a better chance to get approved for the cash-out REFI opposed to the initial mortgage to go out and buy the house? 

Thanks for any insight you can provide!

-BA

[Rick Pozos]

Hey @Blaine Alger since you have been looking to do this for a while now, why don't you do it??? Instead of refinancing, sell it. Make 10k or 20k or maybe 30k. With that money, you can start building your stash of cash. 

Even if you paid 50% tax on that money, you would have 5k or 10k or maybe 15k more than you do right now. Don't make excuses. A bank would like to see that money in your bank when you are ready to do the whole BRRRR.