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Updated about 5 years ago on . Most recent reply

Can I do a cash out refi while being unemployeed?
Hi,
I am on my first investment property and am almost ready to have it fully rehabbed to then lease it to a tenant. I am trying to do the BRRRR strategy with this property so at this point, I am looking for a local bank to refi the property with. However, I have 2 issues:
1. I haven't been employed in 6 months, so I'm currently driving for Uber.
2. This home appraises for about $65k, so the loan would be about $50k, which is less then what alot of bank lend out for.
I am wondering if I can refi this property and if so, what bank should I use to do a refi. I've been calling local banks, but they all keep telling me no, because of my current employment status.
Please help!!!