How do i get a cash out refi to work on my rental?

[Jonathan S.]

Your goals and story: What are you trying to accomplish, how are you trying to accomplish it, and what hurdles (if any) have you faced.

I currently am splitting the rent on a 1 bedroom apartment for $900 a month.

I own a 3bd 2 ba SFH in the South Bay Los Angeles area which I rent out.

The rent income covers my mortgage, so its basically a wash and have good tenants that have been there for 1.5 years

I  owe $360k, zillow z estimate is $620K.

i want to do a cash out refi and buy a condo/town home in LA that needs to be fixed up which i would move into. As well as pay off some cc bills, student loans etc. (20k). Also i want to drop my PMI which is for the life of the loan and is approx $250 month.  Later on i would move my parents from their 1 bed apt to a bigger nicer place. Dad had stroke and they had to move from their rental house to an apartment. Causing lots of stress...

Type of property:

Single family home, 

I bought a single family home 3bd 2 bath in Los Angeles in 2015. 1500 square feet. i am renting it out currently. 

Location of property: 

south bay Los angeles

Purpose of financing: 

Cash out refi to pay CC debt and buy another property to move into, or just rent out again. 

Type of financing sought:

Fannie Freddie cash out refi

Current or prior ownership of real estate: 

I own the 1 property mentioned above, which I am currently renting out. I live down the street in a 1 bedroom apt.

Occupancy: 

i would live in the new property, and keep my rental property as is. 

Value of property at present and/or your offer price: 

$620,000

Anticipated or actual appraisal issues: no, yes (what?)

no

Current rents per month: $

2600

Fair market rents per month: $

$2600-3000

Down payment or equity: specify down payment for purchase mortgage, or how much equity you will have in the property afterwards if a refinance.

I owe 365K. Zestimate is 635K. 80% = 143k… I may not want to pull the entire amount out. i would still have 120K equity left.

Source of down payment funds, if applicable: own funds, unsecured borrowed funds (credit cards), secured borrowed funds (HELOC, etc), gifted funds, other (explain)

My own funds. but almost no funds. 

Income Source:

I am a salaried full time employee. Income $80,000 a year, I am a sales executive 3  years at current company

Gross monthly income (optional): 

$7000 approx

Monthly debt obligations appearing on credit report, plus (if applicable) personal rent and alimony/child support/etc: $

Credit cards – 20K, about 700 a month.

Car – 10,000 (200$ a month)

Student Loan = 15k ($300 per month

FICO: 

700

Credit issues: 

1 60 day late 3 years AGO CCARD

Thank you Thank you!!

GPS