Lending Advice if Unemployed?

[Michael Holmes]

Hello,

I am looking to purchase my first investment property and considering using the BRRRR method, using my own capital and some hard money. When I go to refinance, does it matter that I am currently unemployed? I don't want to necessarily go through the whole process only to find I cant get the property refinanced.

Mike

[Chris Mason]

Originally posted by @Michael Holmes:

Hello,

I am looking to purchase my first investment property and considering using the BRRRR method, using my own capital and some hard money. When I go to refinance, does it matter that I am currently unemployed? I don't want to necessarily go through the whole process only to find I cant get the property refinanced.

Mike

 I've done mortgages for folks based on nothing but the rental income, but it's fairly unlikely. Net positive cashflow on that thing would need to be 2.5x your personal housing expense and all of your consumer debts would need to be paid off. 

Other than that, start google searching "non qm mortgage broker [your area name]" and see what comes up.