Cash out refinance on a rental property

[Stathis Karidakis]

Hello!

I’m a new, buy and hold investor.

Recently I purchased my first rental property , I rehabbed it, rented it out and now trying to find a bank or I lender that can cash out refinance the property so I can continue ... problem is that the property was a very good deal, bought for $26500 and put $6000 and having difficulty to find a lender because most of them lend minimum of $60000 but I don’t want much first and second I don’t know that the house is going to appraise for $60000 ( C class neighborhood) another thing is that most of them want to own the property for a year which is slowing me down....

Any advices are welcome.

The area I’m investing is near Greenville South Carolina