Cash out REFI options (several properties)?
Good afternoon,
I've been an active RE investor for several years now in the Atlanta area and currently own 7 single family detached rentals. Each property is mortgaged and has a fair amount of equity at this point. I'm looking to cash out refi, but lenders are taking issue with my personal income. All of my rentals have been cash flow positive since we took ownership and my vacancy rates are sub 10%. I can show upwards of 5 years history on almost all rentals. Finally, I have 6+ mo cash reserves for all rentals. In the past, I've not had any issue getting investment loans and found it somewhat odd they are looking so closely at my personal income, but so far this has been my issue.
Does anyone have any recommendations for how I can go about finding a lender that will work with me based on the equity and cash reserves I have?
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David Lee
Are these in your own personal name or an LLC?
- Chris Seveney
