BRRRR cash out refinancing for all cash buyer and no job

[Account Closed]

What if you have significant assets but no longer work a job and have no current income? How could a person in this situation refinance cash out after renovating and renting the property?

[Andrew Postell]

@Account Closed there are portfolio loan products that will qualify either based on the cash flow of a specific property or based on your assets.

The "Cash Flow" type of product ignores all taxable income.  It is based solely on the cash flow of the property.  Since these are portfolio loans they will be slightly different dependent on the lender but some will approve the property with $1 of cash flow and some will adjust your downpayment based on the cash flow (so the more it cash flows the less your down payment).  

The "asset" based loan again ignores all taxable income and bases your income on an amortized amount of your assets AFTER you purchase the home.  So after your downpayment is taken to purchase the property.  If you are refinancing this isn't applicable.

Also, even a conventional loan will use rental income to qualify you.  It's important to get to know a lender that is an expert at lending on investment properties to help you best.  Some portfolio loans will have loan minimums, etc.  Maybe even a broker might be a good choice.  Private message me if you need help with finding a lender in your state.  Hope this helps!