Looking For Help
I am unemployed, I have $100K in the bank, I owe $5k a month in monthly living expenses.
If I buy a property and rehab it HOW do I get a loan (refinance) so I can get my money back out and put a renter in it to pay the mortgage?
Thanks for your advice.
If you are unemployed and have no steady source of income, getting cash out refinancing from an instifutional residential mortgage lender will be next to impossible.
If you buy the property and put a tenant in place, there is a chance a commercial lender will refinance your property up to 75% LTV but the property must cash flow after financing.
What do you mean commercial lender? What and who are they?
Thank you
Quote:
On 2008-12-28 20:17, NewKidInTown3 wrote:
If you are unemployed and have no steady source of income, getting cash out refinancing from an instifutional residential mortgage lender will be next to impossible.
If you buy the property and put a tenant in place, there is a chance a commercial lender will refinance your property up to 75% LTV but the property must cash flow after financing.
I am in the same situation you described - exact same assets and obligations and thinking of doing the exact same thing - purchase a property for cash, do the rehab, rent it, then approach a bank to re-fi.
Is there a minimum number of months that you have to show cash flow to qualify?
the biggest issue is who and w/ what financing is the complete flip going to be boaught. My bro is starting such a biz w/ a couple friends in mi. They have thoer 1st short said bid in.
His agent is pretty clueles, and gave a quick brain dump over the phone and pulled up the actual doc, to understand the numbers.