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All Forum Posts by: Syreeta McDonald

Syreeta McDonald has started 7 posts and replied 12 times.

Philadelphia, Pennsylvania
Creative Real Estate Financing

Post: CASH-OUT REFI ON RENTAL PROPERTY WITH NO MORTGAGE

Syreeta McDonaldPosted
  • Posts 12
  • Votes 5

Hello. I own one rental property with no mortgage. A tenant is moving in next month. I would like to take money out of the property to put a downpayment on two other properties. Would a CASH-OUT REFI be a good option? What do lenders look for in order for me to qualify for the CASH OUT REFI? Would I then be able to get a DSCR mortgage to finance the other two new properties (one would be a long term rental and the other possibly a midterm rental)?

Thank you.

3 Votes
Philadelphia, Pennsylvania