And the deal is complete
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 (7)
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.
Joe Ward, over 15 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.
Jon Holdman, over 15 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?
Peter Giardini, over 15 years ago
Congratulations Jon and thanks for sharing!!
Ted Harris, over 15 years ago
Yes, its a rental. Currently rented for $1150.
Jon Holdman, over 15 years ago
Nice appraisal. Keeping it for a rental? How much will it rent for?
Jon Klaus, over 15 years ago
Sounds tasty, Jon! Congrats on the refi and on the successful rehab. I'm looking forward to hearing about the next one!
Joshua Dorkin, over 15 years ago