Unexpected hang ups in Refinancing?

[Jonathan Davis]

We are new real estate investor that just purchased our first property using the BRRRR strategy. We bought a solid property with cash and rehabbed it nicely. It is now rented and cash flowing.

I’ve found a lot of useful info in the Bigger Pockets forums and podcasts on the Buying, Rehabbing, and Renting aspect of this strategy, and almost nothing about the 3rd R.

So I just assumed refinancing would come easy...

What financial institution wouldn’t want to refinance a property that is owned free and clear with a long-term tenant that is producing solid cash flow?

A lot apparently. Thus far most banks have flat out told us they don’t refinance investment properties, highly recommend mortgage brokers say they are willing to work with us and then “ghost” us by never returning calls or emails.

Local REIA meetups are full of people wanting to sell us hard money, but we haven't yet found anyone willing to give us a 30 year refinance on a buy and hold rental property.

Are we missing something?

I would love any guidance. We are eager to get our capital back out so we can start the "Repeat" phase of the BRRRR.

Thanks, Bigger Pockets

strategy.

PS: We are in Atlanta if anyone has any local leads.