How to Finance Investment Real Estate Without Income Documents
I just finished a remodel of a single-family home. I approached a lender to provide a refinance and they require 12 months of seasoning before they allow for the use of “new appraised value”. Also, they quoted me 8.25% with a 5-year pre-pay penalty. This property will be a short-term rental. Below is a summary of the deal.
Purchase price: $749,000
Rehab budget $139,000
ARV: $1,170,000
Purchased on: January 15th 2022
Annual taxes: $8,976
Annual Insurance: $2,450
No HOA
Long term rent: $4,800 monthly
Projected Short term rental revenue: $115,000 annually
My credit score is 740 plus
Please let me know the best options to fund this.
Thanks,
Kurt
Timestamps
[02:15] The best option is to do a 2 years stabilized bridge loan
[02:18] Short term rental
[02:43] What are we projecting for the value?
[03:16] What to do if the property is not furnished yet?
[03:24] Add your income to your tax returns to qualify for conventional financing
[03:33] Refinance and do a DSCR loan
[04:22] If you want a FAST answer, book a call at https://investorfinancingpodcast.com/rumble
Investing in Real Estate without Income Documentation: Tips and Strategies
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#shorttermrental #shorttermrentalfinancing #noincomeproofloan
About Beau: Beau Eckstein is a real estate entrepreneur, TV personality, and commercial mortgage advisor, specializing in construction financing and multi-family lending.
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