I’m curious on how everyone is refinancing their properties. I purchased two properties in May of 2020 with cash. I have completely remodeled one and am look to cash out refi. I’ve contacted numerous banks and credit unions. Not many are willing to offer 30 yr fixed rates on rental properties or I can only get what I purchased the property for. Also I do not have any W-2 income. Any help would be greatly appreciated.
I’m currently leaning toward refinancing for purchase price. However, I would be leaving around $14k in the deal and would cashflow around $350 after all operating expenses. Cash on cash return would be roughly 25%-30%. That is still a decent return, I was just not wanting to leave that much capital in the home. Thanks for your time and happy investing!
