Reposition Refinance Apartment

[Aaron C.]

Hi Everyone, so I purchased my first Multi-Family 20 Unit Apartment complex a little over a year ago as a reposition play on management. The first investor put all the work into rehabbing the property.

It's been a little over a year and I have had this property at 90%-95% occupied for the last 9 months. I started talking to some brokers about refinancing the property and they said that I needed more money into the deal. I only put the down payment and about 20k of capital improvements into it and have brought the income up 60% per month. I bought the property at a steep discount.

Has anyone else encountered this before? Any tips on how to get pass this roadblock. I have my eye on another property and want to leverage my current property for the next deal.