Cash Out Refinancing

[Justin Heacock]

Hi everyone! my brother and I have recently started getting to REI after reading and soaking it all in for over a year. We recently purchased a turn-key duplex in Pennsylvania. The team we are working with is a family friend who has been doing this for over 15 years. They work with pretty wealthy individuals who typically pay in cash. So that is how they prefer to operate when securing properties. My brother and I purchased the property in cash and were told to look into delayed financing or cash-out refinances to get whatever money a lender would allow out to continue to put into more properties. understanding it would probably only be 75% LTV if approved.

Our only problem is that due to the value of the duplex being under $100,000 most lenders won't lend on that right now "due to covid" as we have been told. Does anyone have any suggestions on what we can do or who we can work with to leverage the cash we now tied up? Any private lenders or banks you can recommend? Any direction is appreciated.