Cash out refi & full time investor?

Question

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.

Any advice is appreciated! Thanks BP community!

Martin Grizzanti · Answer

Family First Credit Union talk to Alan.  Keep calling little banks and credit unions if not

Martin Grizzanti · Answer

CNB / Family F C U

Jacob Thorp · Answer

@David Kelly

They're all in Rochester! Southeast section of the 19th ward by the U of R.

David Kelly · Answer

@Jacob Thorp

Are all of these properties in NY?

Jacob Thorp · Answer

@Timothy Hero 11 properties.  Values below.

$ 65,000.00

$ 50,000.00

$ 65,000.00

$ 50,000.00

$ 130,000.00

$ 115,000.00

$ 75,000.00

$ 65,000.00

$ 110,000.00

Total: 790

Timothy Hero · Answer

How many properties are you looking to refinance and what's the average value?

Jacob Thorp · Answer

@Timothy Hero Do you have any recommended companies?

Timothy Hero · Answer

If doing a portfolio, many lenders will lower the minimum requirements to around $40k/$50k per property.

Jacob Thorp · Answer

@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?

Jacob Thorp · Answer

@Brian Buxton

We went to CNB, they don't like the DTI bc we don't have regular jobs. We live off of the properties. :/

Upstate is on my list to go talk to though!

Cash out refi & full time investor?

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