Newbie Needs Help with Pulling Equity Out of Home...

[Alisha Gilliam]

Hi everyone! Newbie here! We recently purchased a house for $20k, with an ARV of approximately $70k. Initially, we wanted to keep as a rental, but we may choose to flip if we get the right price. But we are stuck. Like I said, initially, we were going to BRRR the property. We are trying to pull the equity out of the property to help with rehab costs on that specific property and put the remaining into a new investment property. For some reason the bank will not give us the money for the equity that's in the house. They are saying that it is because the house is a rental. Are we doing something wrong? Has anyone else had this happen to them? We tried to do a refi with US Bank. Should we be going a different route or saying something different so that the bank will process our request? Thanks so much for reading this and any guidance you can share!!!