12 sfh free & clear, cash out options? Stuck in limbo

[Kelly A.]

Hello all! Frequent lurker here, decided to join in on the conversations. Here’s my current situation.

I've been flipping homes full time since 2013. In between flips, I've purchased 12 SFH with cash. I have 9 of these rented. I'm now in need of capital to rehab the remaining 3 and to purchase additional rentals. I have tried local credit unions which is a no-go since I write off a lot on taxes & it shows my DTI as being too high. Any advice? Net worth 1.2M - I'd like to pull out 200K in a cash out refinance or portfolio type loan. I looked into one private lender that could offer individual loans on each property minimum 60 K with 75 % LTV. Most of my homes appraise in mid 70's range, so this would not work. I'm in small town Kentucky & all homes are in my S Corp.

[Kelly A.]

@thomas s Your advice seems to be one size fits all, however I 'm not in a big city. I'm in small town KY full of 75K-100K homes. Most rentals are via HUD since the job market is zilch. Makes zero sense to sell mine and buy "higher quality" when I already own 12 in the normal price range for my area. My post was looking for input on creative financing ideas. After reading others stories similar to mine, leveraging 12 now at high interest & crazy fees will not grow my business. I will leverage if there are good options once the 3 rehabs are finished. I don't need to make stupid mistakes and lose 12 properties because I rushed the process. If I have to sit on 3 homes while flipping a few & then rehab / purchase more, I'm ok with that. I managed to buy 12 homes with cash in 4-5 years as my full time job & don't owe a soul. If I can't work another day in my life, I still have 1.2 M in equity.

We may not see eye to eye but thanks for your reply.