Growing Pains
Over the years I have held onto some single family houses to use as a retirement plan. Now the time has come to possibly refinance, pull some cash out and buy some more houses. The growing pain that I am facing is that most of my houses are valued under $50k, but they have a excellent cap rate. It seems that the costs associated (appraisals, junk fees, doc prep fees, title insurance, etc.) with the re-fi for such a small sum of money makes no sense when the lenders typically offer 65% LTV these days. Any suggestion on refinancing low value single rentals. Thank you.
[ Edited by jeb2nd on Date 04/13/2011 ]
Thank you for your post. The last time I checked with a local credit union they replied with they only lend on owner occupied houses.