Looking for financial ideas with a recently purchased SFH in OH

[Michael Brockett]

Hello everyone,

I am looking for any input or ideas y’all can throw at me, as I will be completely open here:

I have recently (3 weeks ago) purchased a single family home (rental property)  in Akron Ohio for $39900. It appraised at $50,000 (woohoo) so I have built in equity. With 15% down, I currently owe $33915 on it. Which leaves me with $16085 in equity. I would like to take out a line of credit/refinance so I can purchase another unit, if possible. I am however running into roadblocks. All of the lenders I’ve talked to have minimum for lines of credit (10k, or 25k etc), with maximums of 75% - 80% in home value. Recency is a roadblock as well when it comes to refinancing. 

Does anyone have any suggestions or ideas of lenders with lower minimums or higher percentages? Or is it simply too soon/not enough equity to be pursuing this?

Thank you,

Mike