How to get money out from rental / investment property

[Pratik Desai]

I am new to real estate investment. 

I recently closed on foreclosed property that required me to buy property on cash. I bought this property with 30K cash. Initial repairing expense is 5K. I am hoping to get tenant in month or so. 

There are few other good deals out there but i dont have cash at hand and those properties are in lower 20Ks so its not worth buying those properties on finance.

My question is that how do i get my cash out from my rental property that is  worth 40K /45K .

[Joe Villeneuve]

IS there a lender that will refinance the original property in your area? Most refi loans will be at between 70-80% of the ARV. If the property you are rehabbing is worth 40k, then even a 70% rehab will get you 28k...which would be enough for your next property.

The problem is finding a lender that will write a loan for less than 50k.  Keep looking until you find one.

The alternative would be to take on a partner on the first property.  Just sell half of it for the amount you need for the second property.