Best REFI for 8 Out of State SFRs Owned in Cash?

[Rob Barry]

I've been moving cash into SFRs in Georgia for a bit now and am up to 8, with 100% equity. I'd like to pull some out while I can still lock in a decent rate. I have no W-2 income, but my wife does and i have strong cashflow. Would it be better to go for a portfolio loan or go through each one individually? Would it be worth it to visit GA and try to deal with banks there as an out of state investor, or just go through Chase or a large national Bank? Any general tips? Thanks.

[Jaysen Medhurst]

@Rob Barry, you definitely want to look at local/regional banks. They are more likely to do a portfolio loan where you can consolidate the properties on one note.

I would avoid the national banks. This isn't the kind of thing the retail side sees very often, if ever. And you're too small for the commercial guys to waste their time.

The flip side to doing one loan is that if you want to sell one or more of the properties before the mortgage is paid off, that's going to be more difficult. 

Lastly, have you considered just selling them all and trading up to a single MF property? You'd start to see some real economies of scale and would probably see a better ROE.