Rental Cash Out in Austin
Hi all, I realize that some similar forums have already been posted, but this one has as much to do with approach as anything so I thought I'd still put it out there for the group. Any advice appreciated.
My wife and I have flipped 2 primary residences over the past 2 years, and have done pretty well on them. I've recently moved into full-time RE investment, but the money generated from flipping our primary residence obviously isn't considered income for tax or lending purposes. (To think that lenders won't just take me at my word!). But, to the point...
I just purchased a rental with cash, and I want to put a mortgage on it in order to reinvest in other flips. My options as I see them are:
(1) Conventional - a conventional cash out refi is going to be pretty difficult because my DTI doesn't reflect functional income.
(2) portfolio lender - fixed or ARM
(3) HELOC
Does anyone have Austin-area recommendations for portfolio lenders and/or folks who would do a HELOC on an investment property?
Perhaps more importantly, am I missing anything here? Are there other, better options for pulling cash out? Thanks!