I have a rental property that I want to re-finance. But it currently has a relative in it. I purchased a turn-key rental a few months ago and they were very particular about "no relatives." Are there any investor loans that aren't going to ask this question? Since investor loans are not government backed-loans, does it even matter?
Hey Spencer, Some traditional lenders do restrict refinances when a relative occupies the property, but investor-focused and DSCR lenders usually don't mind, as long as the numbers make sense the property is under your title and it's clearly an income-producing asset.
We’ve helped several investors refinance rentals I sent you a Dm, Happy to help!
Lender · Fort Worth, TX · Member since 2016 · 8k+ posts · 6k+ votes
11mo
@Spencer Cox the short answer here is that yes, you can refinance with a relative with some lenders. I can't tell which state your property is in but there is likely a lender in that state that can help. This is one of the reasons why we need multiple venders with what we do. So, let's do the local thing.
Going local is super important and it doesn't just apply to lenders. How do you know that a contractor is any good? An electrician? A title company? Anything? Even if they do have 20 years experience...how do you know really? And while nothing is foolproof the most consistent method of finding good vendors is relying on OTHER real estate investors that have worked with those vendors. This is why we network with other real estate investors - kind of like what you are doing here!
So, let's try some local real estate meetup groups. Meetup.com is a good resource for those but some of the groups will also post here on Bigger Pockets Marketplace too. Even facebook might have some good local groups for you. Some of those facebook groups have thousands of members. The priority is consistent recommendations from active investors. Oh, eventbrite too. But post locally for this. That’s the best bet.