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Updated about 6 years ago,

User Stats

6
Posts
1
Votes
Andrew Wiseman
Pro Member
  • Rental Property Investor
  • Payson, IL
1
Votes |
6
Posts

I'm Stuck on the Refinance on my BRRRR.

Andrew Wiseman
Pro Member
  • Rental Property Investor
  • Payson, IL
Posted

Back in August I bought my very first property. I was able to do this by taking out a Home Equity Line of Credit on my personal house for $30,000 and some credit cards.  I paid 10,000 for the house and another 25,000 for the rehab. I have the house rehabbed and rented for $750/mo and now I am trying to get it refinanced so I can pull my cash back out and do it again. The appraisal should come back around $75,000. When I go the the bank I am told that my debt to income is to high. Do I need to just keep looking with different banks, or is there another option?

  • Andrew Wiseman
  • Loading replies...