BRRRR - Buy, Rehab, Rent, Refinance, Repeat
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Updated about 3 years ago on . Most recent reply
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Having Issues With Refinance
Hey Bp,
I've recently began making an effort to ramp up my rental portfolio. Ive been meeting with a local lender I've used on several past projects. The particular project I'm having issues with is a SGL family I purchased for $75k all cash. There's an estimated $30k in rehab which I am also funding out of pocket. I conservatively estimate the ARV at $150k. When I spoke with my lender about refinancing, he mentioned I could do a 30 yr fixed rate at 5.25% (investment or second home mortgage). However went I submitted necessary documentation he told me the income on my tax returns did not support a 30 yr fixed rate investment mortgage for refi. I don't want to pull additional cash out, I'd simply like to get back my initial capital. The rental would have to season for 6 months and show proof of income which I also don't have an issue with. Anyone ever ran into this issue and how did you address? Thanks
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You need to refinance using a Non QM mortgage. You can still get a 30 year fixed rate without DTI calculation. Seasoning period will still be the same and rate (Depending on credit) shouldn't be too far from what you were quoted