I have a change mindset, but this hurdles or getting taller.
Because of bigger pockets, I completed my 1st deal I brought a home from a non-profit that gives small business loans. I paid less then $5k and put in about $6K. I have linked the report to this post. I wipe out my savings for this property, but I'm happy with it. I brought it last year in September and finally finish everything. I got a tenant on January 13, 2017. I have a goal to buy one property a year until I get to five and then maybe two to three until I replace my active income with passive income. So today I went to the bank to attempt to get the equity out and I was advised that I can't refi because it has to be at least $50k. I can't obtain a equity line of credit because its not my primary residence. I have replace I can't with How can I, but it's not working. I went to 4 different banks and obtain the same answer. Please help me understand what I'm doing wrong. I want to draw out $25k for my next deal. I thought it would be like a piece a cake, but it a wall that I can't seem to scale. Any suggestions on how to get my equity out would be greatly appreciated.