Advice on No Doc/No income rental loans.....

[Elina Aske]

Hi community, 

I have a question re: the best way to tap into my equity or find cash for 20% down payment, without the requirement of proof of income or tax return. A little about my RE background.... I purchased my first home in D.C. back in 2013 as a primary. I have since done a full demo and renovation, converting it into a rental, two 3BR units and have some cashflow, but not long enough to qualify for the traditional W2/income loans. I have spoken to DSCR lenders who can possibly help me finance the home but still need help with the 20% down payment.

Tips: I have about 200k+ in equity. Also, I have good credit.

Goal: To get some money for 20-25% down payment for a rental investment using home equity or other ways, which is where I need help. I prefer lenders or options without interest rates that are overwhelming or too high. 

I am still learning so please be kind and/or resourceful with your comments.  Thank you so much. 

[Dave Skow]

@Elina Aske-  most lenders will want the  returns.....some ideas  1) ask the present lenders  you  have to see if they can offer any  heloc  options  that  dont  require much  documents  2)  ask the banks you have  relationships  with  the same  question  3) are  you  adverse to having a  co borrower  involved   4)  leverage / borrower  against other  assets  like  401k / retirement / car  or  savings   5)  perosnal  unsecured loan  ......good luck