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Updated almost 6 years ago,
I can't pull my money out of my rehab
I have a unique(I think) situation that I could really use some advice on. I currently own two properties(one duplex and one single family.) I've got an FHA loan and am house hacking the duplex. The single family, I have rented for $1625/mo and own it free and clear. I spent about $45k on the rehab and it should appraise between $160-165k.
The problem I have is that before leaving my job, I was working with someone at a bank that told me it would be no problem getting an LOC or mortgage with my stated income from my rentals and Air BNB(about $50k/yr.) Plus I picked up a job bartending nights where I make another 30k. However, when it came time to apply for the loan, I was denied because they won't count any of that income for 24 months. I couldn't even get a 60% LTV against the house that I own free and clear.
My dilemma is that I would like to purchase more properties using the BRRR strategy, but not sure where to go from here other than to wait until I can show 24 months of consistent income. Does anyone have any suggestions that might help me move forward sooner? I'm not super interested in flipping, I'd rather build a portfolio for long term wealth.