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Updated almost 5 years ago on . Most recent reply
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Would I be able to refinance (the BRRRR method) in this scenario?
I have a conventional 30-yr mortgage on a home that I qualified for with proof of job income. Let's say years later circumstances changed and I decided to quit my job to do real estate full-time. If I acquire a second house subsequently, rehab it, rent it out (past the "seasoning" period), and try to refi it to get some money out to repeat the process, will I run into issues with the mortgage on my first home when the lenders see that I do not have income from a job to pay for the first mortgage, thus will refuse refinance of the 2nd house? (Let's say I have enough savings or "house hack" the first house so I actually have the income stream to keep paying the first mortgage, just that the income stream has changed from what the initial mortgage was approved based on.)
I guess what I'm really asking is, how does changed income stream on previous mortgages affect your ability to get new financing?