23 Years Old with $400k HELP!!

[Garrett Addington]

Hey! I am 23 years old, and I have been a licensed agent for about 4 years now. I have recently acquired 4 rental properties referenced below, and I am looking for the best refi strategy to get my cash back out so I can continue to grow my portfolio.. Thanks in advance for any insight!! 

1- $85,000 condo that I owe $55k against (currently doing Airbnb with it)

2- $125,000 condo that I just bought it November for $85k cash. No note against it.***

3- $130,000 single family that I bought back in August and spent wayyy to much money on the rehab. No note against it.***

4- $240,000 single family that I bought back in May for $120k and put about $40k into it. Still owe $120k against it. 

I am looking to REFI one of the above properties with 75-85% LTV of the new appraised value without waiting the 6 month seasoning period. I am finding that most lenders will only lend up to 75% of my cost in the property or 75% of the purchase price if I REFI prior to owning it for 6 months... I suppose my question is if everyone is having this same issue, or if there is a lender that will do these terms so I can avoid coming out of pocket for each one of these properties. 

I have been able to find one lender that can do 85% of the new appraised value without waiting 6 months, BUT it is a 20 Year ARM with a 5 Year fixed and after that 5 years, it becomes adjustable with NO CAP on the rate, plus there is a prepayment penalty. The rate was fair at 4.72% with minimal closing expenses.. Do you think this is worth taking since it is the only lender I can find to do these terms, or is it worth it to continue the search for someone that could do it with more favorable terms?

Please see other loan estimates below and advise which would be more beneficial for my circumstance (Young, hungry, and looking to grow but I extended myself too thin and currently have almost ALL of my money tied up into these properties so I am looking to balance myself by getting some cash back out. Great income, 800+ credit score, etc.) 

1- 85% LTV of new appraised value with 20 year ARM (5 year fixed with no cap) at 4.72%

2- 75% LTV of new appraised value with 20 year ARM (5 year fixed with 2% cap/year and 5%cap/over the term) at 4.5% but I would have to wait 6 months

3- 85% LTV of purchase price with 15 year balloon but its a 4.1% fixed rate amortized over 30 years (high cash flow) but this would still have me leaving my own cash in the deal which I am trying to avoid

My intentions behind all of this is to acquire as many properties as I can without coming out of pocket for anything (BRRR). I have had other investors recommend a line of credit but I seem to be finding that it would still operate the same when I try to roll over that credit into permanent financing in regards to LTV and the seasoning period.. Thanks in advance for any input on this!!

Respectfully,

Garrett