Posts from 'Wheatie's Real Estate Investment Saga' tagged with: 'refinancing'
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.
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