Skip to content
×
PRO
Pro Members Get Full Access!
Get off the sidelines and take action in real estate investing with BiggerPockets Pro. Our comprehensive suite of tools and resources minimize mistakes, support informed decisions, and propel you to success.
Advanced networking features
Market and Deal Finder tools
Property analysis calculators
Landlord Command Center
$0
TODAY
$69.00/month when billed monthly.
$32.50/month when billed annually.
7 day free trial. Cancel anytime
Already a Pro Member? Sign in here

Join Over 3 Million Real Estate Investors

Create a free BiggerPockets account to comment, participate, and connect with over 3 million real estate investors.
Use your real name
By signing up, you indicate that you agree to the BiggerPockets Terms & Conditions.
The community here is like my own little personal real estate army that I can depend upon to help me through ANY problems I come across.
Creative Real Estate Financing
All Forum Categories
Followed Discussions
Followed Categories
Followed People
Followed Locations
Market News & Data
General Info
Real Estate Strategies
Landlording & Rental Properties
Real Estate Professionals
Financial, Tax, & Legal
Real Estate Classifieds
Reviews & Feedback

Updated almost 6 years ago,

User Stats

16
Posts
3
Votes
Jonathan Stastny
  • Omaha, NE
3
Votes |
16
Posts

I can't pull my money out of my rehab

Jonathan Stastny
  • Omaha, NE
Posted

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.

Loading replies...