@David Kerner
You may want to look in to one of the “online” lenders that solely lend on real estate and are not a bank. They offer decent rates and the fees are fair and most of them give a 30 year fixed rate on single family rental homes. The only reason I have not used any of them for my rentals is that most of them have a minimum loan amount of $75,000 per Home and where I am investing, my properties are less than that most of the time. I have 23 rentals and all but 1 of them are financed through commercial loans with terms like 5% for 20 years and adjustable after 5 years. Right now I am refinancing some of them to a slightly better rate of 4.75% for 20 years and adjusted after 7 years. I would not want to have a portfolio loan on properties that I want to have sole discretion of how I handle. With a portfolio loan the lender has too much say on which properties you could sale and how much they would apply to the loan if sold etc... In my opinion I would refinance them individually on the commercial side and pull as much cash out as you possibly can even if you have to pay interest on it. We may never get another chance to pull money out of our equity at rates like this again. So I say take the cash and hold it for when you find the next deal you want or just to keep in reserves. When I started investing I wasn’t financially strong enough to get conventional loans with Fannie May so I went commercial. And after trying later on to get some on the Conventional side I just still chose to keep going with the commercial side because it’s so much easier, faster, and flexible. Hope this helps! Good luck.
