Cash Out Refinance Rookie Question

[Patrick O'Brien]

Quick Question:

For example: I purchased a house all cash fix it up, get renters to move in.  A few months later I'm ready to do a cash out refi. Without a day job or income will I be able to get approved for a cash out refi? Thanks for the support, BP

[Jim Goebel]

With most banks, NO.  

With some banks, perhaps.  Depends on what your track record and credibility is as someone doing this stuff.  If you have other properties that are producing income, that may help.  Time may help.

Some couples often have one traditional W-2 wage earner and someone doing RE or other entrepreneurial items.  That's kind of what we do, but we have gotten to a point (40-60k net) / year with rental income that banks have to consider that as a real thing in terms of lending.