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Updated over 4 years ago on . Most recent reply

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13
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0
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Shaniquea Fails
  • Rental Property Investor
  • Cleveland, OH
0
Votes |
13
Posts

Cash out refi or another leverage option

Shaniquea Fails
  • Rental Property Investor
  • Cleveland, OH
Posted

I have a property that I've invested 40k in total into the house. Purchased it a little under 16k. This purchase is all cash. I'm trying to utilize the BRRR Method but I've hit a wall. I've had a tenant since June 26,2020. Rent is 900 a month she pays all utilities. I've had the house since July 2019. I'm finding it difficult to get a loan on the house due to not having it rented long enough. Also, I have been told that there is a curing period since I purchased the house so cheap to see if rent is stabilized. My house is also in my LLC name so certain banks will not accept it.

My question is what should I do in order to use my property as leverage for the next deal?

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