Financing cash purchase conventionally

[Keith Rorer]

Hi All,

Purchased my first rental property a month ago. Roughly $40k ARV. Property is located in IN. Paid cash and now want to pull equity out to utilize the BRRR strategy. Challenge that I am now seeing is that banks won't lend on such a low amount. We are obviously only talking $30k (75% LTV).

Does anyone have thoughts as how to best pull equity out on a low cost property with banks? Insight? Lenders out there who want to discuss? Or seasoned investors?

Thnx in advance...