Leveraging Property While Self-Employed
Maybe someone can help me out here...I have 3 rental properties with over 200K equity total. I just started working for myself and want to know how I can qualify for a cash-out re-financing to purchase another place. I'd like to take out $20-30K, but I have heard mortgage companies are reluctant to do a cash-out refinancing if you work for yourself. The fact that my wife has a full time job should be helpful....any thoughts on how to handle? Is there a no-doc re-fi program? Thanks! K
I am in the same situation, and we just closed a month ago on a HELOC. Since we closed, I bird-dogged a deal that will net me 10K in two weeks. I am sitting in a pretty decent position just getting started.
Working in REI sure beats the heck out of my former employment.
But- will I qualify for a HELOC if I am self-employed? Do you recommend someone or a loan program? The underwriting on these deals is the kiss of death I need to get around. K
Stop trying to limit yourself. Look at lenders forum here. There are hundreds of loan programs. I am in Chapter 13 and am getting loans left and right. They are hard money and expensive but who cares. I can do deals for cash and make a great living. I did 12 cash out refinances and no doc. I proved had 16,000 per month income from bank accounts. All rental income. I had no job and just out of Chapter 13 a year and built a $500,000 home . (Read my article We Had To Build This House). I used Indymac Bank for the loans. They may be able to do the same programs. Try www.Indymacbank.com
Good LUCK and HAPPY HOLIDAYS
Hope this helps some
Ted Jr
Thanks! I noticed there are many programs available but haven't had the time to research them......K