Hey everyone. I am pretty new to the BiggerPockets community. I am a first year student athlete for Northwestern University and I want to get my first BRRRR deal this year (I am currently 19). I will use a private funder to fund the deal. However, the thing I am concerned about is if I will be able to get approved for the refinance loan from the bank after the post rehab appraisal comes in because I am 19 and technically don't have a full time job or income right now. The university pays me some money to live in my apartment 3 times a year and I may have some type of job in the summers. I definitely can talk to someone from a Wells Fargo and pose the question. My credit score is about 750 though. I was curious what you all were thinking about getting approved for the refinance.
Having just gone through this process for the first time I have a few points that can hopefully help out:
- It costs nothing to get pre approved and just find out ahead of time what you are and aren’t approved for.
- Talk to multiple lenders. As a newbie, the financing is always the most confusing part. A great one will be happy to answer your questions and you’ll get an idea for which kind of lender is best in your situation.
- Having income certainly helps, but tons of people get financing without it. If you have a family member willing to co-sign, that can solve the problem for you as well.
- If you still BRRRR it right and for some reason you can't refinance on the back end, you should still be able to sell for a profit and walk away happy (although not ideal if BRRRR is the strategy you're going for)
Hope that helps just a bit!
That makes sense! Thank you for your time. So there is ways I can still make it happen. I am glad.