Cash-Out Refinance on Rental Property in San Antonio Texas?

[Bhaskar Pandey]

Hi BP members, I'm a new investor. Have two SF rentals one of which I have house-hacked and converted to a sole rental now. I'd like to do a cash-out refinance on one of the homes. Is this a possibility in San Antonio, Texas? From talking to someone who also is fairly new in this field, I found that all major banks he went to told him they didn't offer Cash-out refinances on rental property.

Does RBFCU offer CORE-Fi on investment properties?

I'd like to think there has to be at least one bank that does. I mean, that's the whole principle behind the BRRRR strategy isn't it? Any suggestions welcome. Anyone have any experiences they can share? Thanks.

[Andrew Postell]

@Bhaskar Pandey hi, yeah, cash out rules here in Texas are screwy to say the least. The short answer is that you can absolutely do a cash out loan on an investment property but working with any large bank is out. I can't speak for every bank here but your "Loan to Value" will normally be for 75% of the ARV on single family and 70% on 2-4 unit properties. I'll Private Message you as well. Feel free to tag me and ask anything additional here if you think it would help others too. Thanks!