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?