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User Stats

6
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2
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Stathis Karidakis
2
Votes |
6
Posts

Cash out refinance on a rental property

Posted

Hello!

I’m a new, buy and hold investor.

Recently I purchased my first rental property , I rehabbed it, rented it out and now trying to find a bank or I lender that can cash out refinance the property so I can continue ... problem is that the property was a very good deal, bought for $26500 and put $6000 and having difficulty to find a lender because most of them lend minimum of $60000 but I don’t want much first and second I don’t know that the house is going to appraise for $60000 ( C class neighborhood) another thing is that most of them want to own the property for a year which is slowing me down....

Any advices are welcome.

The area I’m investing is near Greenville South Carolina

Most Popular Reply

User Stats

54
Posts
18
Votes
Amil D.
  • Rental Property Investor
  • Indianapolis, IN
18
Votes |
54
Posts
Amil D.
  • Rental Property Investor
  • Indianapolis, IN
Replied

@Stathis Karidakis Try Shawn Huss from Chemical bank in Ohio. They have no minimum loan amount and lend all over the country I believe . They do cash out refis.

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