Cash out refi for paid off property

[Gabe Medina]

Looking in advice where to look for a cash out refi (~$150k) on a paid off property, which generates good cash flow (~$3,800 net) . It has some deferred maintenance I need to address (roof, windows, etc) before deciding whether to keep or sell. Can't be able to get conventional financing.

[Jack B.]

Originally posted by @Gabe Medina:

Looking in advice where to look for a cash out refi (~$150k) on a paid off property, which generates good cash flow (~$3,800 net) . It has some deferred maintenance I need to address (roof, windows, etc) before deciding whether to keep or sell. Can't be able to get conventional financing.

Gabe, is that 150 cash out with a 75% LTV? I can't imagine it is given the 3.8K cash flow per month. There is more equity than that I take it? If so I'd say keep the house, fix the items. I recently sold a house that was paid off instead of cash out refinancing, and it too had deferred maintenance. But it didn't cash flow like your's my net was about $900 a month with rent at market toward the end...