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Creative Real Estate Financing

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Shawn Foster
  • Investor/Wholesaler/RE Agent
  • Kansas City, MO
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69
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Refinance without verifiable income

Shawn Foster
  • Investor/Wholesaler/RE Agent
  • Kansas City, MO
Posted May 22 2018, 19:41

I'm trying to figure out a way to get a refinance on a stabilized rental property even though I don't  have any verifiable income at the moment. What options do I have? The property is in Kansas City, Missouri. Thanks BP!!

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Lee Ripma
Pro Member
  • Rental Property Investor
  • Prairie Village, KS
2,332
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Lee Ripma
Pro Member
  • Rental Property Investor
  • Prairie Village, KS
Replied May 22 2018, 20:05

Get a commercial loan? Do you have assets? 

User Stats

69
Posts
8
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Shawn Foster
  • Investor/Wholesaler/RE Agent
  • Kansas City, MO
8
Votes |
69
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Shawn Foster
  • Investor/Wholesaler/RE Agent
  • Kansas City, MO
Replied May 23 2018, 05:32

@Lee Ripma Just my personal residence. I have the means to buy and rehab a property. Now I'm trying to figure out how to refi with not much verifiable income

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Melvin List
Pro Member
  • Lender
  • Tampa, FL
357
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1,076
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Melvin List
Pro Member
  • Lender
  • Tampa, FL
Replied May 23 2018, 07:17

@Shawn Foster I would reach out to a broker in your area.  There are plenty of programs out there with out income documentation.

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Omar Khan
  • Rental Property Investor
  • Dallas, TX
1,991
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1,473
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Omar Khan
  • Rental Property Investor
  • Dallas, TX
Replied May 23 2018, 07:38

@Shawn Foster Best bet: reach out to mortgage brokers in your area. You can also look at bridge loans which can be backed by the asset. This can help you access quick financing but beware that the onerous terms can be tricky to manage if your rehab projects goes behind schedule.

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Bob Green
  • Lender
  • Mokena, IL
261
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1,251
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Bob Green
  • Lender
  • Mokena, IL
Replied May 23 2018, 19:53

Call around to a local community bank or find a national portfolio lender.

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Lee Ripma
Pro Member
  • Rental Property Investor
  • Prairie Village, KS
2,332
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2,065
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Lee Ripma
Pro Member
  • Rental Property Investor
  • Prairie Village, KS
Replied May 28 2018, 22:59

I personally like using commercial loans. They are way less strict on this stuff because they hold the notes. Now that I've used commercial banks I find the residential lending process incredibly painfull!