GOT PROPERTY THAT I AM TRYING TO BRRRR I cant see to refinance

[M Boyd]

Ok this is what I have suggestion welcome I have a property in Memphis it's a rental rehabbed 2017 property jas a potential worth of 118,000 and I am trying to refinance to get cash out but I am having issues every mortgage loan place I go to want to pull my credit which is good no problems there but they looking at my dti instead of asset here are the numbers I owe around 56000@ 3.62% and my piti is 529 per month rental income 1175.00 per month tenant are great going on YEAR 2, renewing lease agreement 1 of July. THE COMPANY WAS OFFERING ME 87500 @ ABOUT 5% 30YR NOTE BUT INSTEAD OF LOOKING AT ASSET AND IT VALUE THEY ARE LOOKING AT MY DITI WHAT CAN I DO

[Brie Schmidt]

@M Boyd - you are talking to the wrong kind of lender. A residential lender will always look at your DTI and will not base the approval on the asset (except the monthly income it generates and add that to your DTI). You need a commercial lender and a LLC for them to look at the asset, but you will still be a personal guarantor and your credit and income will come into play