Can I refinance a rental with no other stated income

[Erik Kostyuk]

Hello all, I have the opportunity to buy a rental in my area off-market that makes sense for the first time but I want to know if I will actually be able to refinance it if I get it. I am a college student with no debt, but my income comes from flipping cars as well as other side jobs. I've saved enough to put 20% down as well as any other repairs that may come with the property and I know I can get a hard money loan. Before I go for it I just wanted to make sure I can actually refinance it or is there no one who will approve me.

[Brent Reynolds]

Quote from @Erik Kostyuk:

Hello all, I have the opportunity to buy a rental in my area off-market that makes sense for the first time but I want to know if I will actually be able to refinance it if I get it. I am a college student with no debt, but my income comes from flipping cars as well as other side jobs. I've saved enough to put 20% down as well as any other repairs that may come with the property and I know I can get a hard money loan. Before I go for it I just wanted to make sure I can actually refinance it or is there no one who will approve me.

Hi Erik - 

There are a lot of different flavors of lenders out there, each with different requirements and covenants.  The best way to find out is to simply start contacting them and provide your brief and ask.  Consider talking to a mortgage broker - their job is to find a lender to meeting your specific requirements, and they only get paid if they perform.  Finally, private and hard money is also a good path because they typically are basing the loan on the value of the business, not your personal debt-to-income ratio.  In all cases, you may only be able to get 65-75% loan-to-value, so you may need more down payment.  But again, just start grinding out inquiries to lenders and you will learn a ton from their responses.

Hope this helps!