high debt to income ratio financing

[Allen Fogderude]

I purchased a duplex in Los Angeles and did a major renovation about 5 years ago. I'm thrilled the property has now almost doubled in price with great rental income coming in. Even though I have tons of equity in the property and perfect credit, my high debt to income ratio (because of my mortgage) has lenders deniying me for any kind of refi or cash-out options. It doesn't help that I left my corporate job to start my own business, so I'm also being dinged for self-employed AND a lower annual income. Besides selling the property (which I REALLY don't want to do) is there any other way to access some of that equity? I'm ready for another investment property, but it seems my hands are tied. 

[Damian Bialonczyk]

@Allen Fogderude

How many lenders have you spoken with? It might be worth checking in with small, local banks and credit unions which may offer greater flexibility in terms of refi qualifications than national lenders.