Updated almost 14 years ago on . Most recent reply
Possible Refi for a Rental without Employment Verification?
Short: Can I refinance a rental property to cash out on equity without having a "job?"
Longer version: This house is in New Orleans - bought a destroyed property after Katrina and rehabbed. Lived there shortly and then rented it out. I have been living overseas for the past three years, so therefore have no recent employment history. I have been renting this house for 3 years - whole time with positive cash flow and zero vacancy. I'm ready to come home, so to speak; and I'm ready to rehab and rent some more houses. (1 to start.)
The plan: If the refi is possible it could net me maybe $30-35k. The duplexes I am looking at are about $35-50k and would need probably another $50k-60k rehabbing. Afterwards, I could probably refi with appraisal around $150k, rent one side to nearly cover the note while living in the other, and take cash equity to do it again.
This all seems dependent on the refi... Or should I be posting in the "creative financing" forum?