Possible strategy on refinancing five of my rental properties
Hi, All
I am a newbie and have a question on refinancing six of my rental properties. I wonder whether I could ask some ideas from the forum:
Currently, I have six SFH that are all financed using 30-y fixed residential loans. Based on the rough estimation on market values and remaining loans, if I can get 75% LTV refinanced amounts, I may pull out ~$180K cash by refinancing all of them. The problem is that if I refinance them separately, I can get only ~$50K to $20K from each individual property. Now, I want to start my first flip rental property and I want to get about ~$150K cash to start with. What will be the best available strategies to get ~$150K cash for purchase and rehab? I do have another property but I already have an HELOC on it.
Your help will be greatly appreciated!
Lee