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Updated about 5 years ago on . Most recent reply
BRRRR Refinancing W/O POI
Hello All, I'm a newer investor realtor in the Detroit market, and was wondering if you guys had any suggestions on how to refinance a BRRRR without POI? Or is the loan based on rental income not personal/ business income?
Most Popular Reply
Whitney Hutten
#3 BRRRR - Buy, Rehab, Rent, Refinance, Repeat Contributor
Pro Member
#3 BRRRR - Buy, Rehab, Rent, Refinance, Repeat Contributor
- Rental Property Investor
- Boulder, CO
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Whitney Hutten
#3 BRRRR - Buy, Rehab, Rent, Refinance, Repeat Contributor
Pro Member
#3 BRRRR - Buy, Rehab, Rent, Refinance, Repeat Contributor
- Rental Property Investor
- Boulder, CO
@Edgar Butler Sounds like Nicholas has a program that you might qualify for with commercial terms. In general, with commercial loans, you will want to understand:
- The seasoning for cashout
- Prepayment penalties
- Points to buydown rates (if you choose)
- Is there a rate escalation on the loan if you don't have a lease in place?
There are a few nuances, but it can be a great way to qualify if you are self-employed! PM me if you have Q's.