BRRRR - Buy, Rehab, Rent, Refinance, Repeat
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Updated about 5 years ago,
Cash out refi without a job
Hello BP Community,
Firstly, I wanted to thank everyone on here for sharing your knowledge and support.
I am very interested in becoming a real estate investor. So much so that it distracts me from my day job. I want to quit my day job and throw myself into real estate full time but I feel I will run into a few problems. The first problem that comes to mind is getting a mortgage without employment. I thought about finding a job that will get me closer to the real estate industry but then I wont have the 2 years with the same employer that lenders are looking for.
I would like to use the BRRRR method and should be able to raise enough money to buy my properties cash. Any advice on getting a cash out refinance without steady income other than the rental income coming from the house I would buy cash? What is the seasoning period and what does that mean for me?
I dont want to quit and find out I have pushed myself back instead of forward. Any help is greatly appreciated.
Thank you!