Refi low price properties

[James Sheridan]

Hello,
Over the last 8 months I have purchased, rehabbed, and rented out 3 properties in Topeka. I own them all free and clear, but I am Now out of cash & would like to pull cash out of them to repeat the process.

My issue is that I can’t find a lender to lend on ~$40k properties, even at low LTVs. I found one lender that does portfolio loans, which allowed me to hit the minimum loan limit, but they required property values of $50k for each property even inside their portfolio. 

Any leads on someone who has a very low loan limit or will do a portfolio to hit it would be greatly appreciated!

[Andrew Postell]

@James Sheridan yup, this is the world that us lower valued homes live in.  Nobody wants to lend to us.  I started out on $30,000 homes.  It was impossible to get financing.  There are some lenders who will have "no loan minimum" standards....but then you have to find someone in that company who actually wants to do all that work - for a car loan.  So even if you do find a company that will lend on it - you'll have to find someone in that company willing to do it.

My best suggestion here is to network with other local real estate investors. There are many groups that meet across the country. Some post here on the Bigger Pockets Marketplace. Many post on meetup.com. Even facebook will have some. Networking is always a great practice and you never know who you might meet there and what good information they have to share. Would certainly recommend visiting if one is close to you.