Cash out refi - how to secure refi?

[Naz Hossain]

So I’ve been listening to the podcasts for a while and one pattern I’ve noticed is that, Brandon keeps saying, secure your refi before you go into a deal.

Taking on that advice, I've spoken to a few lenders. I have a current mortgage, primary residence, that I'm paying. When I asked lenders about doing a refi, they say "we look at your DTI". My question is, how do I work that refi when I'm already paying one mortgage? Do I get a tenant before I do that refi? How do y'all (those who have used the BRRRR technique) manage to keep your DTI low so that you can qualify for that refi?

[Jerry Padilla]

@Nazakat Hossain

If tenants are in place with the purchase, the appraiser will go based off of current lease agreements, regardless if they are year leases or month to month.

If you already own the property - the tenant needs to be in place for the refinance. I just wanted to clarify from my previous post, that market rent is only used for calculating with a new purchase, not a refinance.