Rental Property Investor · Rochester, NY · Member since 2018 · 26 posts · 4 votes
Hello! How are you full time investors qualifying for cash out refis? Banks don't like us bc we don't have W2 income, and a lot of the inventory here is between 50-100k and some bigger lenders want 100k min loan or property value so a lot of our assets don't fit their model.
Investor · Boulder, CO · Member since 2016 · 1k+ posts · 1k+ votes
5y
@Jacob Thorp My husband can still qualify for convetional cashouts because he has a W2. I don't, so I have to commercial lending (and I can still get a cashout). It sounds like the main sticking point is the loan value. In that case, buy 2-3 properties together and do a portfolio loan and get around the minimum loan value.
Rental Property Investor · Rochester, NY · Member since 2018 · 26 posts · 4 votes
5y
@Whitney Hutten, thanks for the response! I have been looking for portfolio loans exclusively, but most of the lenders have a 75k or 100k min property value requirement and won't even entertain the lower properties. Which is too bad, Rochester, NY has been in the news for being a VERY stable market, but as a result the prices are lower! Finding a lender that is willing to work with us has been tricky post-COVID!
Flipper/Rehabber · Rochester, NY · Member since 2014 · 1k+ posts · 1k+ votes
5y
@Jacob Thorp if you have more than one property you can combine them in a blanket loan to get over that minimum value. Your closing costs will be higher but I’ve done this a number of times.
Investor · Rochester, NY · Member since 2017 · 14 posts · 11 votes
5y
@Jacob Thorp - Have you spoken to CNB or Upstate Bank? I currently have multiple properties valued between $50-100K under portfolio mortgages with CNB. I haven't worked with Upstate but I have spoken to them and have been told that they would do the same.
Rental Property Investor · Rochester, NY · Member since 2018 · 26 posts · 4 votes
5y
@Martin Grizzanti
Thanks Martin! I have been making a list of local banks and putting together a presentation to give. I hope it'll work out! What do you guys use for lending in Rochester?