Local investor from chicago (need burrr help )

[Will Tse]

Hello all !. I’m a local investor in chicago , long time listener , I’m looking for help regarding which debt service will provide my with BURRR request .

I was just shot down by first Midwest bank . I thought that they were a smaller bank that it would be a slam dunk . They just told me that my debt to income was too high. 43% , where as it should be at 70% . I was aware that it mattered with burrr .

So I have :

-5/6 rental house owned free and clear , one has 114k debt service with a lot of equity., worth 458k

And aside from that I have a primary house I live in . Month monthly mortgage is close to 3k , but that includes my RE taxes. (So not sure if that affected anything ). That’s my greatest debt . I have good credit 700 plus . So I’m lost and baffled that I didn’t get to BURRR it .

I have a property I bought 8 months ago & it's rented for 7months now . Bought it for 63k amd out 11k into ARV is 110-117k . This is the property that I'm trying to BURRR .

The other were all bought after the property above . So I figured I used the house I bought 8months ago to burrr it . But was rejected .

I’m running out of cash , but still have a business like do 130k. Some residual cash (prefer not to use any more of my own money or at least minimal), trying to scale up . With more rentals and would like to leverage out . And trying to do flips as well.

Any help /advice /recommendations on which banks and /or how to go about this , credit union /smaller bank etc

Will tse

Your local friendly wannabe realestate investor .