Need Some Advice

You don’t indicate if the rental property is currently renting and producing cash. If so, you need to determine the net profit for each month. I think your prob is that with the purchase price and the rehab money, you’ve gone way over 70% of loan to value, which is why the banks probably don’t want to play.

However, there are banks out there that will lend 80% loan to value on rental income properties, but you’ve got to prove up your math with an income and expense report showing net profits, copies of leases, etc. Other prob you have is I think you’re trying to pull cash out, but even if you find a lender who will do 80% LTV, that won’t allow you much cash to pull out. If you’re in a hard money loan though at over 10% interest, then you do want to jump like a bunny and refinance it with a lender that will do 80% LTV even if you can’t pull much cash out.

Of course, you don’t indicate if you purchased and rehabbed with cash; I’m assuming you’ve got loans for around $83k. We need more details.

are hardest to cash out now

Banks are stingy and looking at every reason not to do it. You'll have to find a bank that will do it. Look into community based smaller banks

Regarding my Property. It is renting for $1100 a month, using private money @ 5%. Only have taxes of $1150 per year and insurance of $450 semi on costs...Pocketing monthly rental income into my bank account. Since i just started my small business, we have hardly any income and more expenses. 2010 is different, income of course. We had a loan in the process for 3 months, the day before it was going to close, the main bank denied it do to high risk (two weeks ago). Regarding loan (through a mortgage broker), since I was self-employed, my wife was the only name of the loan (she has a 40 hour week job), the issue there was that the monthly rental income was going into my bank acct, not my wife's. She is authorized on the account but her name does not show up on checks. I'm in the process on changing that..help this helps

Thanks, I actually pull my local bank list and will start calling tomorrow, since today is Veteran's Day..

Have the leases retroactive from the first day they were in your names. You may have to wait a few months so they can see a pattern of the payments, perhaps 3-4 months. if they only notice one check, they may ask for the last 12 cancelled checks and then you'll have to explain, then they ask, you answer, they think shady business,......denial.

Bring everything with you and annonce it so you seem like you know the procedure
"ok I have our last two years tax returns.....wifes pay stubs.....my quarterly income and expenses......bank statements detailing the income from our rentals......last three months of cancelled checks from our tenants. If there is anything i'm missing i'll get to you by end of the week"

Don't give any reason for them to deny or delay the process

Hope it helps

I have a possible 6 condos in the central Fla deal. They are already rentals with occupants in place. This is the first time I have looked at a deal. I am looking for someone who is willing to see if we can work this deal through. I live in New York state.

Anyone interested in the Fla area who can help would be greatly appreciated.

Hey John - just wanted to let you know you have posted your comment in the wrong place. You need to start a new thread - or a journal to put it in. Just wanted to let you know that because this thread of thought is by guzmanhomes regarding refinance on his property - so you really wont get any response to your question. Dont worry - it takes a while to get used to the site and where to post. Browsing through the forums will help you find lots of answers and see where to post as well

I have just recently got cash out refis on two of my investment properties. Went to lots of banks, with lots of 'nos' until finally the local credit union chose to work with me. And, they did it with long term loans! So you may want to look up a local credit union and put them on your list to visit. And oh - by the way - GO IN PERSON!!! Dont do it over the phone. It is FAR more effective - you are there face to face and they get to know a bit about you as a person. And like Elix said - go armed with all the possible paperwork you think they may need. Just imagine how many phone calls a day they get.
I am currently looking to get a 20-30year loan for a new home for myself, an owner/occupy loan - and I have hit the same roadblocks on that as you are because of self employment. Due to being self employed, and the fact that all but two of my income properties were bought this year, I am being turned down. They will not even consider all the income I now have in 2010 since it wasnt on last years tax returns. So now I am revisiting the smaller banks and looking for an 'in house' type portfolio loan based on the value of the property.
So the lesson is its really important to take a look at the big picture all the time, and how you structure your growth in the real estate business. It definitely takes time to build things up to where you look good on paper, because thats what it all comes down to when dealing with the banks.
Keep on keeping on and you will find the solution!