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BRRRR - Buy, Rehab, Rent, Refinance, Repeat
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Updated over 1 year ago on . Most recent reply

User Stats

207
Posts
145
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Susan Tan
  • Rental Property Investor
  • Houston, TX
145
Votes |
207
Posts

This last step is tricky: Refinance! Can I do refi w/o a W2 job?

Susan Tan
  • Rental Property Investor
  • Houston, TX
Posted

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?

Most Popular Reply

User Stats

231
Posts
88
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Carrie Matuga
  • Lender
  • Laguna Niguel, CA
88
Votes |
231
Posts
Carrie Matuga
  • Lender
  • Laguna Niguel, CA
Replied

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.

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