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Updated over 7 years ago,
Refinance SFR in Milwaukee with great cash flow but low appraisal
Hello BP members. I'm looking for advice on how to refinance a SFH in Milwaukee. I purchased the property for 65K, but the most recent appraisal came back at 45K due to so many foreclosures in the neighborhood.
The cash on cash return is around 11%, The property has been fully rehabbed and I've had tenants in place since April, under professional property management.
I'm looking to continue growing my portfolio, but I need to pull as much capital out of this property as I can.
Are there any lenders out there who will lend solely on cash flow?