Refinance SFR in Milwaukee with great cash flow but low appraisal
Hello BP members. I'm looking for advice on how to refinance a SFH in Milwaukee. I purchased the property for 65K, but the most recent appraisal came back at 45K due to so many foreclosures in the neighborhood.
The cash on cash return is around 11%, The property has been fully rehabbed and I've had tenants in place since April, under professional property management.
I'm looking to continue growing my portfolio, but I need to pull as much capital out of this property as I can.
Are there any lenders out there who will lend solely on cash flow?
Most Popular Reply
Generally appriser do not use all the foreclosure comps. There must be some regular sale comps also. Have you challenge the appriser if you or your agent has some other comps?