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Updated over 7 years ago,
BRRRR - Will I be able to Refinance?
Hi Everyone,
I know I want to deploy the BRRRR strategy, but I think I might get hung up at the Refinance stage based on my current employment/income situation.
Here's the situation: I left my corporate job in February to pursue a career real estate. Therefore, I no longer have W2 income and I'm now considered self-employed with no income coming in...yet. I know I can find a deal, get short-term financing, rehab the property and rent it BUT if I go to the banks to refinance for long-term conventional financing, will they lend to me based on my current employment situation? I have great credit but no income.
Can anyone provide some insight and/or recommendations of lenders that I can speak with about this?
Thanks for your help!