NO W-2, good credit score, enough capital. POSSIBLE TO BRRRR?

[Paul Botsyan]

After reading Rich dad, Poor dad, I decided to leave my W-2 and start a construction company, which is doing great. Bumped into BP and life forever changed.

Now the problem that I have is I'm ready to BRRRR with enough capital and monthly income for South Carolina, (Greenville area) but won't be able to refinances with regular bank and repeat the process as fast as I want to.

WHAT ARE THE OPTIONS? Don’t want to Wait for 2 years of history or just flip.

ASSET BASED LENDER?

THANK YOU

[David M.]

@Paul Botsyan

I think you kinda screwed yourself.  I never read that book, but too bad it doesn't seem to advise about transitions to not get stuck in this issue.  With COVID-19, I heard many of the ways to prove repayment were shutdown.  But, I've also heard that many are back now.  You really should talk with some specialty lenders.

Are you going to do this under your name or an entity?  If its the latter, then it really doesn't matter as you will be only eligible for commercial loans --- in some ways problem solved.  If you are going to do a mix, then nevermind since in my opinion you are piercing your corporate veil anyway.

Good luck.