Cash Out Refi on Multifamily Properties
I rehabbed, have owned free-and-clear two multifamily buildings: 8 and 5-unit for 3+ years.
Essentially zero vacancy and steady rent increase in this popular downtown location.
Annual NOI is $140K although I manage them myself. Roughly $70K from each building.
I am looking to take out $400 to 500K on one of them so I can put up a new 5-unit apartment building behind it.
Local banks not too keen in lending.
Any advice would be appreciated.