Financing real estate in Dubai based on rental income only, which banks are good?

[PinkCat]

If you have heard about the BRRR method you will instantly get what and why I'm asking.
Basically I want to learn which bank is good to use when I want to buy property cash, short term rent it out and after 6 months to apply to mortgage it (get credit against it) and use the funds for next property.
Basically the banks has to do 2 things
- Allow to give credit based just on rental income (while the property is mortgaged to them of course)
- be ok to do that over and over again for several properties.

 

[uranium]

Honestly I doubt if this method works
So you buy property in cash and take credit against it. Now you buy another home with credit.
Then you try to get a new credit against home number2 which belongs to the bank, not you.
So for home2, you don't give bank any guarantees.
You are trying to play house of cards game here. I don't believe bank will accept.

 

[PinkCat]

Not true
You buy home2 with cash that you got against home1, when you refinance home2 to get money for home3 that is when home2 belongs to the bank.

It is basically using bank leverage to bet on homes, much like using leverage from an exchange to trade.

Yes it increases the risk significantly, but so does the ROI. It is not for everybody and helps to have other independent cash flows to put out fires if needed.

 

[uranium]

Not true
You buy home2 with cash that you got against home1, when you refinance home2 to get money for home3 that is when home2 belongs to the bank.

It is basically using bank leverage to bet on homes, much like using leverage from an exchange to trade.

Yes it increases the risk significantly, but so does the ROI. It is not for everybody and helps to have other independent cash flows to put out fires if needed.

So here is the new question; would the bank agree to refinance home2 ?

 

[PinkCat]

It is not new question, that is actually my 2nd question in the OP