limited cash out re-fi options for multiple financed properties
HI all- Hoping the larger Bigger Pockets brain can help me out here... We have 6 financed properties (all have over 25% equity and are cash flowing) and have been using the BRRR method to grow our investment portfolio. We just spoke to our usual lender about a cash out re-fi of our oldest property (that also has the most equity) and he said that it becomes very difficult to do this the more properties we have financed. While he didn't yet give us a hard NO it seems like we are headed that way... anyone else every bumped into this? I had no idea (perhaps naively) that this would become an issue the further into investing we get. I'd love any thoughts, suggestions or ideas here. We wanted to pull out cash as a down payment on another investment to continue to grow here... Thanks!