Help moving forward and finding a property

[Julie Boston]

We did a cash refi on a rental we have had for years and want to acquire more property with the proceeds. Would prefer to flip a house or 2 first them buy and hold but our market is too expensive right now and even wholesale properties sell for over asking price as well as most anything on the MLS.

The lender who did the refi said we would need a signed lease to finance a new rental property because we don't have the income to support a 2nd mortgage outright.

Seems  the only way is if I can even find a property to invest in (difficult in out area it seems) where the numbers work we would have to purchase it outright using hard money or private lender the refi after we got the property leased? Of course this makes it even more expensive....am I missing something?

Any ideas? 

Julie B.

Frusted investor