I need suggestions on who to try to go through for a refinance with cash out on an investment property please.

it sounds like you have two problems.. 1) Low credit score, and 2) low income.. a recipe for disaster in the lenders eyes... and the advice they gave you about selling the home is probably not bad advice... so, assuming your very determined.. Here are your options.. First, don't even consider private money (hard money) loans.. The rates are over 10% and the fees are outrageous.. You can work on increasing your credit score, but to know for sure, a professional would need to look at your complete credit report and guide you to what needs to happen for the quickest score increase.. This usually would include paying down your credit cards... and since your "Struggling" then it's probably not an option.. When you refinance an investment property, it's a risky loan for a lender.. If you're asking to take cash out, it's even more riskier.. So they are going to require higher credit scores, lower loan to values, and lower debt to income ratios.. all of which you said you're having problems with... what would happen if the renters stopped paying, you had to evict them, and when you gain possession of the home, they trashed the place, and you have to spend money to get it fixed up enough to re rent it.. You would be out 2 to 3 months rent, plus the costs of repairs.. Can you afford that now even though you're struggling?? If you're going to be a landlord, you have to have sufficient reserves in place to account for these types of circumstances.. and it sounds like you're not... as I said earlier,,, it's not bad advice to sell the home... I'm a Broker here in Scottsdale AZ and I only lend in Arizona. If you or someone you know is looking for financing options, feel free to contact me or pass along my information. 480-287-5714 WilliamAcres.com

Shad, I have a couple of solutions for you that you should listen to before you make any decisions, and selling is not one of them. I have been able to help many people just like you, and believe the solution is in easy reach. Please give me a call so I can discuss these ideas with you. ~ Bert Carpenter, The LoansA2z team of NOVA Home Loans ~ NMLS 40586 ~ Licensed in California and Arizona ~ www.LoansA2z.com 888-889-9950

You have a couple of options here. You can get a private mortgage which is expensive, but will basically serve as a bridge loan that you can refinance out of, or we can look at improving your scroes to above 660 which is all you need. Call me @ 775-846-1839 to discuss. My name is Nicole Francis

Please give me a call @ 775-846-1839 to discuss. My name is Nicole Francis and I have a couple of ideas for you!

i work with my private money investors, and they are not like the kind of hard money lenders that you hear of.also, i am currently working on a loan for someone in your same situation, and is your name on the house? linda yourloanpartnerforlife.com is my email..

Shad, unfortunately refinancing a second home does require a higher credit score, with stricter guidelines. Raising your scores isn't that difficult. Check your credit for inaccuracies. Dispute inquiries. Also consider increasing the rent. And if that fails consider selling the home. It's always best to look at all your options not just the one you want. Talk to an agent in your area and have them compile a CMA for you (comparative market analysis). You can get an idea for yourself of the properties value by using Zillow.. Best of Luck.

I think William gave you the best overall advice, but if you are determined to go forward check with the others who say they may have options for you but make sure you know the whole picture. Good luck