Need help with BRRR in Los Angeles, California

[Marina Flu]

Hi Everyone, 

I bought a distressed property for cash in Desert Hot Springs (Riverside County). I'm in the process of fixing it up. I would like to refi and get my money back (BRRR).

1. Do I need to have a renter for 6 month before I can get a loan?

2. Does anyone have recommendations for a lender that can do a non conventional loan?

3. Does the loan get calculated based on my personal income or the property income?

Please help, any information is greatly appreciated.

Marina

[Stephanie Medellin]

@Marina Flu  There are options for both loans based on personal income, and loans based on the property income, but using just property income will have a higher interest rate.  No need to have a tenant in place for 6 months before applying.  If you have a lease in place and can document that the property has been vacant for repairs, that should be sufficient to count 75% of the lease income.