Would love anyones help here. My wife and i have been on our FI journey thanks to Bigger Pockets and it has been as rough as I’m sure anyone starting out in anything should experience. My question is this: we finished up a renovation on a multi family last year and live in the property and rent out the other unit. We also own a lake home that we airbnb. What we were looking to do was BRRR the multifamily but are now stuck in the refi portion of this method. The reason being is that we took out loans and credit card debt to complete the reno (which was NOT supposed to cost what it ended up costing so there were more loans than anticipated) and our credit is now adversely affected (670) which tuined the cash out refi. So now we cant pay back the debt because we cant access the $ in the house. If we could refi, we would knock our monthly mortgage payments down about a $1000 a month because we will lose PMI, theres a lot of equity in the home and the rates are great. Any suggestions other than just slowly paying down the loan balances to rebuild credit (which is taking forever).

There are programs available to lenders like myself that are able to run a credit simulator.  This will show you what needs to be done to get your score up quickly, with the available amount of money that you currently have.  You would be surprised how quickly a fico score can jump by 50-100 points if done correctly.  Have you ran rates yet with any lenders to see what is available to you with that credit score?

@David Kelly thanks for the reply. I was in touch with a lender and we ran some numbers only to come up with doing another FHA which would not provide a cash out option. Im linked up on credit karma which shows credit rebuilding options if thats what youre referring to? Its frustrating because my wife and I both have great incomes, a rental property that profits, and another one that has appreciated all to be unable to refi in order to pay down the reno debt.