Cashout Refinancing a rental property (Pittsburgh, PA)

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Cashout Refinancing a rental property (Pittsburgh, PA)

Rental Property Investor · Pittsburgh, PA · Member since 2019 · 6 posts · 0 votes

I have a single family property in Pittsburgh, PA I have owned it over a year free and clear. I have it currently for rent and once I get a tenant I want to cash out refinance to buy another rental, is it easier to cash out refinance a rental, I used my own cash my last 2 deals and I have a 520 credit score

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Harjeet BhattiPro Member
Lender · Glenview IL- CDLP NMLS#230554 · Member since 2015 · 2k+ posts · 747 votes
7y
@ Anthony Stotts You should work on your credit first so you have better interest rate.
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Tarik Turner
Lender · Hackensack, NJ · Member since 2016 · 1k+ posts · 372 votes
7y
u maybe able to get Max 50% LTV with that credit score (depending what's on your report)
The value of the property also can't be too small in order to make it work
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Anthony S.
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Rental Property Investor · Pittsburgh, PA · Member since 2019 · 6 posts · 0 votes
7y
Thank you
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Anthony S.
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Rental Property Investor · Pittsburgh, PA · Member since 2019 · 6 posts · 0 votes
7y
So it is possible just at a high rate
Originally posted by @Harjeet Bhatti:

@ Anthony Stotts You should work on your credit first so you have better interest rate.
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Jeremy TaggartBusiness Member
Real Estate Agent · Pittsburgh, PA · Member since 2014 · 850 posts · 646 votes
7y
@Anthony S. Banks definitely prefer to see it rented over being vacant but yeah you should probably get your credit up before trying to refi I'd focus on that first.
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