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Updated about 9 years ago,
Refinance question
Ive been looking to house hack a 3/4 plex in the coming months. With that comes my first financed purchase since I've only bought cash in the past. Seeing as i dont have 2 years of solid income for a bankntongo off of they shot me down pretty quick. (Past year ive been doing r.e.i. full time so no records of that yet)
So it forces me to do some creative thinking.
Ive considered the BRRRR method with a 2/3/4 plex while inlive in one unit.
The question here is how will the refince process be like if... the property is purchased, rehabbed, i live in 1 unit as primary residence, rent out remaining units, and try to refinance? I still dont have the records of incone but at this point ill have ownership along with rented units to show.
Will this be enough to make things happen?
Id like to add that im 100% aware every lender is different but lets avoid the 'just go ask' replies. I will do that step, but right niw im trying to get a grip around the whole process so i dont walk in not knowing anything thats going on.