Did I paint myself into a corner? Refinancing Texas rentals

[Daniel Kitchel]

Hello all. I'm looking for some advice on how to proceed. I bought 2 duplexes in northern Texas over the last couple years and have been having a devil of a time trying to find some kind of refinancing. I paid $47k cash for the first one then put $25k in to rehab. I attempted to do a cash-out-refi on it last year in my own name with no success. I didn't qualify due to me living in Utah and the property being in Texas. 

Eventually I gave up and put together a bunch of creative financing and bought the second duplex last November for $33k and put $25k reno on a credit card. I organized an LLC and deeded the properties to it. My thought was that I would get the liability protection and qualify for different kinds of financing as an LLC as opposed to an individual. Both properties are now rented and cash flowing.

I am now looking toward a 3rd property but all of my money is tied up in these 2 properties. I've looked into a secured line of credit but Wells Fargo only accepts commercial multifamily as collateral. I talked to Visio but they have a minimum appraised value of $75k per property (these are probably only $50 - $60k ea). My personal credit score (now 660ish) has taken a hit due to high credit card balances. 

Now is also the worst time to start looking for financing due the current events. At this point i'd take almost anything at any terms. I could probably get a loan to buy another property but I would have nothing left for renovations. It seems I've painted myself into a corner with lower value properties bought out-of-state. I'd appreciate any wisdom or advice.