Can I get cash out refinance for a fixed rate by profolio lending

Question

Shopping around for fix rate cash out refinance by profolio lending.

I don't know why couple local bank only do adjustble rate for profolio lending in florida

Chris Mason · Answer

Find a more REI-friendly lender. Keep dialing for dollars.

Lenders ask for tax returns as a matter of course, that doesn't mean they all crunch numbers the same.

Kevin Dong · Answer

@ Chriapparently, most lender don't see it this way.  I meant they wanna see my tax return.   All of the properties I bought from 2017 . How am I gonna show the tax return now ?   Apparently total amount of $6500 monthly cash flow is not enough to cover their few hundered dollars mortgage.   It gets me frustrated now.

@Chris Mason undefined

Chris Mason · Answer

Social security is not self employment, no need to wait for tax returns.

On top of that with 8 free/clear properties, I'm sure you're cashflowing like a monster.

No need for you to wait, I'm relatively sure, assuming your personal residence and/or consumer debts aren't crazytown monthly liabilities, which I'm sure they aren't if you own 8 free/clear properties (ie, are debt-averse and conservative with your personal finances).

Kevin Dong · Answer

checked with several lenders already.  Everyone wants tax return if not , will be adjustable rate.  Hard to get fixed rate 30 year mortgage. @Melvin List

Melvin List · Answer

@Kevin Dong there are plenty of lenders that will do this and just qualify the property and not your income.  If you are having issues finding a lender you may want to reach out to a broker to help shop this out for you.

Samantha Barnes · Answer

Kevin, I am a lender in Florida, but you should be able to get a fixed rate cash out refinance, let me know I may be of assistance to you.

-Sam

Kevin Dong · Answer

Just got my social security this year around June.  That's why I am not able to provide tax return till January 2018. I have 8 doors free and clear . Looking to do cash out refinance on those of properties in order to expand my profolio . At this point, I am only able to provide equity and lease from these properties

Melvin List · Answer

@Kevin Dong Can you provide more information on your situation? There are tons of fixed rate programs out there for investors.