Stuck on the last "R" of my BRRR

[Jim D.]

I got most of the way through this BRRR project, but unfortunately am stuck on the refinance. I purchased the duplex 6 months ago in my name with cash (I am the only one on title), rehabbed it, and rented it out. The problem is that my wife is the one with W-2 income who will be doing the cash out refi, but she is not on the title. I was planning to just add her to the title now in time for the refi, but just found out that doing so will re-start the 6 month waiting period before we can do the cash out.

I can't apply for the loan myself and add her as a co-signer, because my DTI is too high with my other rentals and will prevent us from qualifying together. It seems like my only options are:

1. Quitclaim the deed to my wife and wait another 6 months to do the refi
2. Try to find a portfolio lender who will qualify me (800 credit score, but no W-2 income)

Anyone have any ideas on how to get this refinance done now instead of waiting another 6 months?

[Andrew Kerr]

James,

 My viewpoint is, rates will only be going up in the future. Try to lock down 10 conventional loans with 30 year fixed rates while you can. I would add your wife to title, then start talking with lenders. You might find that a good loan officer can work around this and the property would have already been considered joint property because the two of you were married. If you have to wait 6 months, maybe you can find a bank to give you a small/low ltv heloc on the property so you can tap some of the cash for further investment.