I own a few single family homes in the Saint Louis, MO area that I'd like to either pull equity out or leverage in order to positively progress with my real state investing. I paid cash for e properties so there are no mortgages. I've heard you must wait at least a year before refinancing using loan to value. It'll be almost 2 years that I've had the investments, which have tenants occupying them, and all I keep running in to is financial institutions telling me that either they don't lend on properties out of state or they don't lend to out of state residents. At his point I'm confused... Why is this the case? Not only why is this so but how do I get over his hurdle? I've considered hard money but the terms are short with extremely high rates. I've thought about selling but that would defeat the purpose at this point with he proper appreciation involved in he situation. How do I use these properties to continue purchasing more income producing properties? Please help, any and all advice is welcome...
