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.
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!
Jon Klaus Reply
over 2 years ago
Nice appraisal. Keeping it for a rental? How much will it rent for?
Jon Holdman Reply
over 2 years ago
Yes, its a rental. Currently rented for $1150.
Ted Harris Reply
over 2 years ago
Congratulations Jon and thanks for sharing!!
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?
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.
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.