All Forum Posts by: Dano Neslen

Good Afternoon,

Long time lurker here on the forums and decided to jump in and ask for some assistance from the experts.

I reside in California and am 47 years of age.

Over the course of the year 2020, I purchased 3 separate single family homes for rental purposes in Alabama as investments.

House #1 was purchased for $121,000 and is now valued at $168,000 with approximately $90,000 in equity. 30 year loan of about $610.00 a month.

House #2 was purchased for $150,000 and is now valued at $227,000 with approximately $118,000 in equity. 30 year loan of about $795.00 a month.

House #3 was purchased for $115,000 and is now valued at $160,000 with approximately $73,000 in equity. 30 year loan of about $583.00 a month.

All three are rented out with long term tenants and I profit about $1400.00 a month across all three properties.

My long term plan is to acquire additional properties for investment purposes. This is the nest egg for my family and I don't really want to dip into savings to purchase more homes.

Can some please give me their recommendations on how to proceed ?

Should I do a cash out refinance and use some of the equity to buy a fourth property.

Or should I cash out re-fi and pay off one of the properties outright?

Thanks so much in advance for any kind advice you offer.

New Landlord