Any tips on the best ways to pull out equity from rental properties? I own 5 free and clear all around 200K. I want to leverage up. Been turned down for HELOCs as I own too many properties (their reasoning, despite 800+ credit score) Cash out refis seem to cost a lot on fees, especially on 5 properties. Best rate I'm being quoted at the moment is 5.75 for 30year fixed with Crosscountry Mortgage. Any tips or advice? Thanks
Take what you can get. Freeing up the cash will more than pay for itself.
I would try a mortgage broker rather than shopping the market yourself. Alternately you could sell them one at a time and reinvest the profits from each into multiple properties. $200K would buy you 4 or 5 - $200K properties with 20% down. Well worth the cost and effort.
Going from 5 to 20 properties would be a major move. Better to invest in multi units if you do decide to sell.
Paying fees to refinance is part of the party to grow your portfolio. You should be looking at the upside of how much equity you can pull out to use toward additional properties which will put you in a stronger cash flow and equity position. Getting caught up in minimal fees is only going to slow you down my friend.