Cash out and refinance rental under llc
Hey BP forum, I need your advise here. I bought a rental sales price Jan 2022 $80K cash under a corporation with a partner with the idea of cash out and refinance and use the money for downpayment for the next one.
The property is located in Fort Myers, Florida (close to where I live) and I have been receiving push backs from local and community banks saying that the loan amount is below their threshold. What should i do?
OPtion 1: Do i keep looking to lenders that are willing to get this loan amount (have you seen cash out refi under this amount $50k )?
OPtion 2: One of the lender is bringing the option to transfer the title under my name and do the cash out and refinance One concern that i have with this options it is that my idea was to use the corporation to do partnerships with my friend, and use it as platform to create commercial history to keep building that for future, and on the other side use my personal loans to build my personal portfolio with my wife (not sure if my thinking is correct here).
Any other cost effective option?