JUST CLOSED ON MY 2ND UNIT!
JUST CLOSED ON MY SECOND UNIT! I have owned my first rental since 2013. I bought it as a gift for my-then, girlfriend. She has now become my wife, and after the success of our first property, we decided we would go for it again. Just closed escrow on a 4 bedroom 2.5 bath in Elk Grove area. I bought it with about $12k equity still in the property (I know it's not much but its something) and we are going to be listing it soon. Would love to hear who people are using for tenant screenings.Also, how do you guys feel about ARM loans for a buy and hold investor?There are still some attractive rates out there and I could get a 3% rate on a 7\1 arm. I figure within 7 years I should be able to pay down the balance substantially and could refinance for a lower payment, if I still have the loan.
What are your thoughts?