Funding Challenges For Rental Property

[Barry Wallace]

Hello Bigger Pockets Community,

I wanted to try and get some advise from the group.  I purchased a rental property back in November 2020.  I paid cash for this property so I don't have any mortgages.  I'm considering doing a cash out refinance so I can start the process of reinvesting.  What Im running into is the loan amount minimums that everyone wants. I purchased my home for 20K and its value is around 50K now.  Most everyone wants a minimum of $75K on rentals.  How do I find a bank or lender that would work with me.  Ive checked out the links on Bigger Pockets and the private lenders also have these same requirements.  As a side note I have a very high credit score, little to no debt and self employed.  My companies (3 combined) gross around 1 million per year.  Ive been self-employed for less than 2 years now FYI.

Any help is greatly appreciated.
 

[Barry Wallace]

Originally posted by @Melissa Uppelschoten:

Hi Barry - I ran into a similar situation in Atlanta. Through my local REIA I was able to find a small lender who helped me with a $40k loan. I had to drive over an hour for the closing, but I did not mind one bit. Do you have a local REIA you can tap? Wishing you success!

Hello Melissa,

I currently live in San Diego and my investment is in Tulsa Oklahoma.  I don't currently have any groups.