NC Cash out Refi options for holds w/ no W-2 job

[Eric F.]

Hi,

I have two properties I bought and rehabbed with cash and want to do a cash out refi. Originally I planned on reselling them on the MLS but I would rather do a hold if I can refi them at a reasonable rate and get my cash out. If I can get 70% of appraised value for each one out I am fine with that, but more would be better on one of them for sure.

The two houses would appraise for 120k and 100k.  I would like to do them individually. 30 year amortization, reasonable interest, etc.

Where I have some trouble is I do not have a W-2 job anymore. I also do not the income track record in real estate to apply for my refis "the normal way." I am sure other full time investors here understand this problem.

What banks would you recommend for this? 

[Chris Mason]

@Eric F., if you have no job, then landlording is your job. That means actual rental income from actual tenants needs to be in place. Hypothetical leases & hypothetical tenants cannot be used any more than hypothetical paystubs for someone who has a hypothetical W2 job can be used. It's not 2006.

Two years of rental income on tax returns is not required. 

That being said, you weren't actually clear about what you do. You said that you didn't have a W2 job. There are millions of contractors, 1099 salespersons, etc, out there merrily getting mortgages, without any W2s to show. 

You need to talk to a REI-friendly mortgage person local to you, and don't expect any firm answers that mean anything until you've coughed up all the tax returns, all the bank statements, et cetera.