Cash Out Refi on Midwest Investment Props (<50K)

[Rob LaRovere]

Hey BP!

I recently purchased a SFR in Indy with the intention of reselling it; however, I like the pocket it's located in so I am considering making it a personal rental instead.

1. Do you know of any companies that will refi on homes worth <50k? I purchased the home for ~20k, it's value is closer to 40-45k, and it will rent for 700-725/mo.

2. Are there any companies that don't won't require seasoning since I have 100% equity? Is my equity really relevant in this?

3. Do you have any other suggestions that I should consider?

I reached out to Lima One, but it looks like the minimum they lend is 50k. In order to break through the 50k threshold, there is a second house that I am reselling that I am considering keeping instead. The numbers are similar to the property above, therefore I believe it will qualify for Lima One's portfolio loan assuming I meet any season requirements.

Thanks in advance and Happy Holidays!

-Rob