Ability to Re-fi in Certain Investment Cities

Hello All,

I’m looking at properties in certain major metro cities. I know they are not perfect investment centers, but as long as I can re-fi, I’ll be OK – as these cash purchases contain at least 50% equity. I plan to re-fi at 65% LTV with 100% occupancy.

Are there certain states to stay away from altogether (outside of Michigan), or should I concentrate on the profitability of the property only - when it comes to other states?

What has been your RE-FI experiences with:
Ohio (Cincinnati, Cleveland, Dayton)
Kansas City, Missouri
Atlanta, GA
Birmingham, AL
Woonsocket, RI?


I think the most important thing is whether you can do "Cash Out" in your refinance? 

If I had to guess I would think that it is likely one or more of these cities have serious foreclosure problems and are very much limiting cash out refi’s!

And remember you will need one years reserves and have to meet the sliding scale on income. (First rental 75% of income, 2nd rental 70% of income, third rental 65% of income, etc.)

And to do this you will need an exceptionally good job and probable over a 740 mid Fico score to qualify for cash out.

Good luck,


Thanks for the advice.

Are there any other suggestions and outlooks?