BRRRR - Buy, Rehab, Rent, Refinance, Repeat
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Updated over 1 year ago on . Most recent reply
This last step is tricky: Refinance! Can I do refi w/o a W2 job?
I'm a self-employed real estate rehabber doing BRRRR for the first time. I do not have a W2 full-time job this year. When it comes time to do the last "R" or refinance with a traditional bank to pay off a hard money loan, would I need a W2 fulltime job to get the lowest possible interest rate and lowest monthly payment from a traditional bank?
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I've done personally multiple cash-out refis (without having a W-2) using a DSCR loans. The key is the appraisal for both the property and the rental rates so that you remain above that 1.2 ratio. Happy to connect if you'd want to talk more.