Ok So I Currently Have 4 Homes That I Renovated They All Have An Appraisal Of 80 to 100k. I own these properties 100 percent, 100 percent equity. I'm waiting to refinance one of my properties to continue my journey but I'm looking for DSCR Loan Because of I'm self employed. I'm Trying to avoid dealing With Tax Returns Etc. what is My Best Option.
Just a couple ideas:
1) Sell one unit, and use a 1031 Exchange to put the profits toward 2 new units, or another unit that is more profitable.
2) Keep searching for a lender who will work with you on a refi. They are out there, just really tough to find.
3) Continue the journey with partners (OPM) instead of using your own properties as leverage. Expand with their money, not yours (same principle as a bank refi).
Hope that helps get the juices flowing. All the best! -Grant, Indiana
@Jonathan Banks , I am confused by "avoid dealing with tax returns" comment. I have yet to meet a lender, personal or commercial, lender that didn't ask for some verification of my financial situation. So while that has not always been a tax return, per se, it does involve disclosing a lot of information, including bank statements, formal P&Ls, personal financial statements, etc.
If you are trying to get a loan without providing any type of documentation, I think you are going to have a very, very hard time (read impossible, but I don't know this 100%) finding a lender of any type.