BRRRR - Buy, Rehab, Rent, Refinance, Repeat
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Updated over 1 year ago on . Most recent reply
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Should we consider refinancing in this condition?
1st LLC - 12 Properties
7 properties - Loan with Bank A
5 Properties - Bank B refused refinancing as overall tax return shows loss last year due to properties under construction
2nd LLC - 7 Properties
7 Properties - No loans - Bank B giving max refinancing of $300k at 6.5% for 2 properties. The 2 properties are worth - $275k + $375k = $600k
Should I take the money out of the properties or not in 2nd LLC?
How to handle denial for 1st LLC? Is it common for all banks?