BiggerPockets

And the deal is complete

Friday, October 16

Finally finished the refinance today.  I was able to get a 30 year fixed, 5.875% note on the property.  I'm pretty satisifed with those terms.

If you've been following this story, you recall I paid $70,550 for this house.  I went through all the receipts a couple of weeks ago and the rehab costs were just under $14K.  We originally thought this would be worth about $130K fixedup, but then revised that downward after a preliminary appraisal.   The before appraisal came in at $120K, assuming the repairs as planned.  The after appraisal came in at $135K.  I know that surprised me and I think it surprised everyone else involved.  Nevertheless, I'm very pleased.  The refi amount was $88K, which covered paying off the HML and most of the costs for the refi.  Altogether I'm out of pocket about $8,000 on this deal and have a $88K, 65% LTV loan.

Now off to the next thing. 

Comments

1. 

   Joshua Dorkin Reply
   over 2 years ago

   Sounds tasty, Jon! Congrats on the refi and on the successful rehab. I'm looking forward to hearing about the next one!

2. 

   Jon Klaus Reply
   over 2 years ago

   Nice appraisal. Keeping it for a rental? How much will it rent for?

3. 

   Jon Holdman Reply
   over 2 years ago

   Yes, its a rental. Currently rented for $1150.

4. 

   Ted Harris Reply
   over 2 years ago

   Congratulations Jon and thanks for sharing!!

5. 

   Peter Giardini Reply
   over 2 years ago

   Congratulations...

   Can you share how you found your financing and also if you had to season the title to get this done as a conventional loan?

6. 

   Jon Holdman Reply
   over 2 years ago

   I was referred to Cherry Creek Mortgage Company by my hard money broker. Not sure about seasoning, but I was able to do this refi in about four and a half months from the initial purchase, using a new appraisal.

7. 

   Joe Ward Reply
   almost 2 years ago

   Hey Jon, that is very simial to my story! Only yours looks a bit better, congrats! If you have a second if you could take a look at my post in general real estate investing "was I misled or does it make sense to keep going" and let me know what you think? I truly value your thoughts and opinions. And by the way I got out of that last 3-flat deal you told me to walk on. THANK YOU so much for your help with that, you probably saved me a lot of headache there.

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