BRRRR with HM and refinancing options without a W2

[Kerry Krienitz]

I was hoping someone can help me understand the process of BRRRing using a hard money lender for acquisition and then refinancing after renovation and renting. If I do not have a W2, am I still able to refinance into a longer term mortgage after I season the property? Or am I still not qualified w/o a W2? I've read through the forums but read conflicting comments 😬 help would be greatly appreciated!

[Jack Mawer]

As others have mentioned, I would recommend using a lender who can provide a hard money loan for you and then a DSCR loan for your long-term refinance. This would be a viable option especially since you are worried about not having W-2 income. In terms of seasoning, this will only be necessary if you are looking to get equity out of the property - most lenders will require a minimum of 3-6 months seasoning for a cash-out refinance. If you are just trying to pay off your hard money debt, you can pursue a rate-term refinance at any point. Good luck and happy to continue the conversation if you are interested!