This can be particularly advantageous for those in need of quick funds or looking to steer clear of the strict criteria set by traditional lenders.

What you’re getting at is that when you lose your W2 it significantly worsens your debt to income ratio – which would make getting traditional loans harder.

I second Don and Chris.Hard money lenders are typically able to approve much faster than traditional financing due to the fact that most of their underwriting is based on the asset--in this case, the house. 

The unfortunate reality is that the national average is around 28k for hairstylists.I own my own salon suite, and believe it or not it's the most money I've ever made in my career so going back to a traditional salon is not an option I plan to pursue.I was planning to so a small multifamily (duplex or triplex), live in one side and rent the other out (my boyfriend would also be paying me rent as well).There is no shame in what you earn!

It would seem to me that would be more expensive than getting a traditional loan these days.  

Presently  traditional banks construction debt will be  WSJ Prime +.5-1% which is only 2-3 points higher than where most Alt lenders are.

You may want to look into a HELOC or 2nd Mortgage instead of a traditional refi.

I am especially interested in learning to master the BRRRR method, but also ready and willing to use traditional methods to build my portfolio.

Research local market rates to determine how much more you can charge; often, Airbnb properties can command 20-50% higher than traditional leases, but this varies by location and demand.

@Michael KaminskiIf your existing home is on the market the bank could do a traditional bridge loan which is short term and gives you time to sell your home - just want to make sure you have plenty of equity that when it sells it can pay off that loanWhat state you in ?