Refi on rental property

[Ben Arnold]

I purchased my first rental property last year and renovated it. I am $500 monthly positive cash flow with a mortgage of $600. I would like to refinance but Quicken Loans would not give me a refi. The property is worth approximately $150,000 and I currently have a mortgage on it for $72,000. I would like to get some of that equity out to purchase another property what are my options?

[Jerry Padilla]

@Ben Arnold

A value of $150k for a cash out refinance on a MFR is 70% LTV ($105k max cash out) and a SFR is 75% LTV ($112.5k)

I don't see an issue with the LTV's and value. You have about $30k in value you can cash out on - enough to possibly put down on another property.