Purchased 8 homes ALL CASH, now Cash-out Refi or LOC options?

[Mike Makkar]

Dear BP experts,

I purchased 8 rental properties in the last 7 months, using cash reserves and now I'm exploring doing a mix of a cash-out Refi and an LOC using the 8 properties as collateral. I've called a few community banks in Texas and they are eager to work with me. However, I'm getting a sticker shock with the title and appraisal fees that are involved. I paid title fees for all these properties in the last 6 months, but having to fork out $500 again for each of the 8 properties ($4000) just to create a HUD statement seems ludicrous.

Any ideas on how to minimize the origination costs (title & appraisal fees) associated with the new loan?

Thanks!

Mike