Refianacing to get cash out and invest in other properties

[Fermin G.]

I bought my first foreclosure for 180K put 65K into it and I am now renting it out to someone who has an option to buy in 2 years for 300K. I am trying to get cash out to move on to another property but when I went to refinance to get cash out the appraiser only appraised the property at 269K so I can only take out 24K and with closing costs it comes out to about 21K, Not a lot. The appraisal came in way lower than I had hoped for. I was think that it would come in at 300K. Does anyone know of other means to get cash out other than traditional banks? Please advise.

Thanks