CASH OUT FOR DETROIT INVESTMENTS?

[Theodore B.]

Hello fellow investors. I wanted to throw this out here, specifically to Detroit investors, but if anyone has some good input, VERY OPEN to it. I have been investing slowly since 2006 and I have accumulated about a dozen single and duplex properties. Most of them are rented. I am looking to pull cash out a couple so I can reposition myself to invest more and pay off bills. My properties are ALL free and clear and I just can't seem to find anyone that will do a cash refi out for Detroit properties in decent areas. I had to do a short sell on a piece of land I owned in California 2 years ago and not sure if this would be a reason for me to not be able to be able to qualify to pull cash out of the property. My credit score now is about 720 mid score

The one thing that I have seen is that because values are so low in Detroit, trying to find a place/company/entity that would be willing to loan on a property under $50,000 has been a challenge. I am looking to pull out at least 40K but this would most likely be from 2 maybe 3 different properties, which means each cash out would be like 15K each and can't find anyone that will do this. ANY THOUGHTS or referrals anyone can provide.

I do have my taxes to show that the properties have maintained stable tenancy over the years.

Thanks in advance for any positive advice you all can offer.