financing after leaving job to do real estate full time??

[David Nino]

just wondering how to get financing for mortgages after I leave my 9-5. I have been using the BRRR strategy past few years but when I refinance banks always rely on my W2 from my 9-5 job. Any info on how to get around this when I leave my day job? Planning to quit in about 2-3 years

[Nick Elg]

@David Nino

My experience is that lenders must have 2 years of work experience for you to qualify IF you are paid solely on commission. So, if you are planning on becoming an agent, I would recommend start now and build up some history of selling homes. This way you will not go from a full income to nothing when you become an agent. 

Hopefully someone else speaks more on hard money loans. I am in a similar situation as you and I am planning on using a hard money loan. My understanding is that banks will refinance a property for you if you have had possession of it for 6-12 months. I don't think they base their refinance on your income. If it is a property with 5+ units I am very confident that they don't base the refinance on your income but on the income the property produces. Not very confident about SFR?

I will start a discussion on Hard money because I have questions about it. I will tag you if I get some good answers.