BRRRR Issues. I have the HML, but where do I get a REFI?

Question

Hey guys,

I have everything ready for my first real estate investment. I have the property, contractor, HML, and everything in between that makes this deal ready to go. My only issue is that I do not have a proof of income so I'm having a hard time finding a bank who would want to give me a REFI. I generate an income, but I can't prove it so I am having some trouble here. Help please!

Jeff Copeland · Answer

There are loan products that are based on the property's debt service coverage (an not the borrower's credit worthiness), but expect to pay much higher interest rates, at a lower LTV, etc that a conventional 30 year fixed rate mortgage at 75% LTV.

Higher risk = Higher cost.

Tarik Turner · Answer

There are options available where tax returns are not required

Matt P. · Answer

@Mataniah Ilan Friedner Pay your taxes lol

Matt Hurley · Answer

The only way I know is to get a credit partner. Somebody who the refinance could be linked to (and you would do the rehab and management) then split the profits. Definitely make sure you have a lender who has run the numbers with your partner BEFORE you purchase the property with Hard Money. Don't want to end up 6 months down the road and have a 6% balloon payment come due without the capability to refinance.

BRRRR Issues. I have the HML, but where do I get a REFI?

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