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Updated about 4 years ago on . Most recent reply

Funding Challenges For Rental Property
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.
Most Popular Reply

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.