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Updated almost 6 years ago,

User Stats

9
Posts
5
Votes
Jason Hartman
  • Rental Property Investor
  • Indianapolis, IN
5
Votes |
9
Posts

BRRRR - Qualifying for Refi w/o W2 Employment: Ideas?

Jason Hartman
  • Rental Property Investor
  • Indianapolis, IN
Posted

Hello all, I'm a somewhat seasoned buy and hold landlord/investor and understand (sometimes follow) the BRRRR strategy.
I'm currently an employee with a W2 which has of course been instrumental over the years in helping me obtain new financing and in refinancing.  I'm close (within a few months) to being able to completely leave my W2, but am confused as to how those practicing the BRRRR strategy without a W2 are landing long term financing for the refinancing component of the process. I totally understand hard money, short term lending for flips, etc., but I'm particularly interested in being able to qualify to refinance into long term fixed rate loans if I don't have a consistent W2.
I have HELOCs on several properties which will allow me to continue buying, renovating, but then how do I get qualified to refinance after that? Given that HELOCs are adjustable, and that I want that money freed up again after I'm finished renovating, I don't want to rely on the HELOC as my long term financing.
Thanks in advance for any insight!

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