oh the rejection...

[Josh Sterling]

I haven't been turned down like this since jr high...

Here are the numbers: We own 7 rentals, 5 of which are free & clear. Gross rental income is about $5300/mo with a net of about $3000/mo. We have W-2 income about 80k per year and we have 200k invested with a financial advisor. Credit scores of 710-740.

Why the heck can't we pull money out of any of these free and clear properties. I have been turned down by at least 5 banks in the past 2 weeks, mostly because the properties are in an LLC. Sometimes they wont even talk to me after they hear investment property. I am trying to talk to small banks but it doesnt seem to matter.

The LLC seems to be the biggest problem, is anyone getting financing from properties within an LLC?

Anyone know of a good bank to work with in Southeast Michigan?

Thanks,
SR