How To obtain a mortgage on paid off rental property (condo)

[Mark Ross]

During covid, the only option to win a bid was a cash offer. I bought a condo for $136k and rehabbed it, the last property that sold in my building sold for $190k. I have been trying to cash out so I can get another property while continuing to rent this one out.

I keep running into issues of getting a mortgage or any option to pull out my cash. I have been told from lender to lender that getting a mortgagee on a rental property is almost impossible unleess my credit is perfect. (I have a score in the 700s.) Have any of you run into a similar issue, if so how to navigate other than just selling it?

[Andrew Postell]

@Mark Ross yes, I concur here.  You can ABSOLUTELY, 100% get a cash out loan on an investment property.  I mean, you can work with who you want but whatever lender told you that initially is not the type of lender to work with.  How do we find "real estate investor friendly" lenders?  Read this post HERE.  As mentioned above, having a "warrantable" condo is also very important.  Make sure that your lender that explain that term.  If they have to "go talk to a manager" or "do research" on it...then go to another lender.  I think the article referenced will help you get in front of the right people.