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Updated over 6 years ago,
any lenders like help disabled vet refi cash out
im stuck on 3rd R of BRRRR.
i bought triplex financed my downpayment and used total $45k to fix up now cant afford to refi cash out to repeat cause need 2-3 months of reserves ie $3500-4500 in personal not dba account. i only have dba and i spent it on fixing 3 unit and rehabbing my new personal residence. both have equity but no one wants do Heloc with me credit is 700.
owe $79k on triplex ARV is eta $225k based on noi , gross rents $2995 net monthly is $1850, moved into 3 unit for 5 months while fixing then tried refi while living onsite but needed 1140 rent to meet debt 2 income ratio to buy primary residence and b4 moved out i tried refi via VA but told need make 6 payments first. so i hunt for portfolio lenders...no luck yet tried 4 in Maine.
once moved out tried refi triolex conventionally with veterans unlimited, and quicken loans. both failed me on dumb minutiae wasted 3 months.
now spent all my original financed money to fix up triplex and rest money to buy, move and rehabb my primary and now have no reserves. im living off my rent incomes. cant save up need buy 6-8 unit need 25% down plus rehab costs.
sitting on 3 acre river front 1500 sqft camp with 2 barns 35ft from river that needs rehabbing but owe $52k ARV is $190k. holding is $550 month, needs $50k rehabb
any lenders offer no reserves and 100% besides VA and no seasoning?
or includes back pay to my reserves acct and deposit to qualify for loan? lol
even tried liquidating my $16k work tractor to get funds to refi.
i already maxed my credit card on rehabs.
self employed but net tax revenues are avg of $2500 month for last 2 yrs. but with 2 moves, in last 6 months, and focus onto real estate less coming in.
need creative new ideas to qualify for local bank or credit union.
unless any PML WANT help this dumb newbie disabled military veteran with ptsd get cash out refi so i can buy a 6-8 unit and repeat.