Bluffton, SC · Member since 2018 · 63 posts · 205 votes
Well, I am pleased to say that I finally got my first property in Columbus GA renovated and rented. I purchased the property on auction dot com for $25700. Renovations costed $12,000.
I am all in for $37,700.
On December 31st I signed a 12-month lease with my new tenants for $1050 a month. Can you say super excited! Now I am trying to decide whether I should refinance and take the cash out or just keep it going and save up the cash to repeat the process in another year or so. I purchased and renovated using my savings so I don't have a mortgage on the property.
Of course BRRRR sounds like a good quick(er) process, but in your situation, I think not doing BRRRR will help you build wealth in the long run. Slow and steady wins the race.
I’m brand new to this, but have been listening to Bigger Pockets for 6 months.
Question; if you refinance your home and when the economy hits a recession, can the bank demand the loan to be paid in full immediately?
Is there any con to refinancing besides just having a mortgage payment?
Your story is super inspiring and you paid for the house with CASH! Wow!
Hi Scott,
I have the same concerns as you with refinancing. If/when the market goes in the crapper will banks still want to refi, can they call the note? Im not sure if I want to go into deals expecting a cash out refi vs paying for it with my own money
The amount of support from you all is amazing. This site is great at bringing people together with commons goals. If anyone needs any tips, suggestions, advice or just reassurance do not hesitate to contact me. I withhold nothing in regards to this business. I will tell you exactly how I did it and what to look out for. I don't expect anything in return except that you help someone else out. There is enough property and opportunity out here for us all to get a piece of the pie. Much love to everyone from the Tascoe family! You can DM me for my mobile number or I believe its in my profile
@Karam A Tascoe Only aware of one local bank that will do lend on a portfolio at this time. although you may have already called around and found someone. From Columbus and would love to assist you in any way that i can. Look forward to hearing from you. Also have a 3/1 that I'm assigning if you're interested. PM me if interested and we can exchange contact information.
Congrats! Karam I know you’re feeling super pumped. I’ve heard about that auction.com website but I’m a little confused on how to purchase property, do you pay for properties with cash only on that website or is there a better way?
Congrats! Karam I know you’re feeling super pumped. I’ve heard about that auction.com website but I’m a little confused on how to purchase property, do you pay for properties with cash only on that website or is there a better way?
Xome will allow you to finance but I only see cash deals on auction dot com
Congrats, wow look at that cashflow! I am looking at going to a local auction in the next few months and would like to talk to someone who has purchased at county tax sales.