I have a question about lending/ bank institutions for Refinance

[Caden Wakim]

Hello, i have just recently bought 2 properties in which im looking to do a cash out refi to pull some equity back out. Here is the twist. Im 19 years old, both are bought through a hard money lender and im looking to get out of both and pull equity out. The first one is a single family home, bought for 95k, put 20k into it, now its worth 160k, and i have a tenant in paying me 1350/mo. The second one is a single family home, i bought for 150k, now it’s worth in the neighborhood of 190k. I have a tenant paying 2000/mo. I want to do the cash out refi alone and not have my dad attached, i have credit, but its not super strong. Is this possible for me to do? If so, does anyone know a bank/ lending institution who can help me get this done. Thank you all!

[Andrew Postell]

@Caden Wakim the short answer here is "yes" you can do this without your father (at least, in theory). I'm assuming you have no job so it would increase your chances of success if the properties were long term rentals. It's not mandatory...but it would increase your chances. The thing I would do is consult the local real estate investors in the area. I appreciate anyone who is trying to do business but how do we know if they are any good....until we are 1/2 way through and then it might be too late to switch if they are terrible. So lean on other real estate investors. If they have worked with a lender then you at least have a starting place. You will want to try a "DSCR" type of loan - basically a loan that is based on the rental income of the property. Visit your local REI groups. 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.

Hope all of that makes sense.  Thanks!