All Forum Posts by: Russell Dancer

@Mark Gruetzmacher @Jeff Sheraton Thanks for the input guys.

My wife and I are newbies, first rental property bought,remodeled, refinanced. Did well on it so we are looking for a new property. Lots of mobile homes for sale, I do not like them personally but people do it all the time. Just wanted to get some thoughts from you guys.

Thanks

@Marshall Martinez sorry i didn't tag you in my response. i'm interested in what you think.

@Garrett Pickering It was a learning experience. I did 99% of all the work myself to save money. Well looking back I should have contracted out a lot more out, I would have been time and money ahead. Working full time and doing all the rehab was more than I bargained for. Now the place is rented and all is well. Brandon Turners books on rental property have been invaluable in my newbie experience. 

Pros - I have good equity in the property now, and am in the refinance stage. 

Cons- None right now, it was a great learning experience, but I have a long way to go.

I only owe 10k on the property and will have that paid in four years. We are pulling 80% LTV to purchase our next property. So by the time all is said and done,closing cost, and all the interest paid over the next 15yrs it will be around 17k. I just don't hear anyone discussing these numbers. You hear BRRR which is basically what we did. So should I not worry about the 17K just chalk it up as business expenses?

I am in the process of refinancing my first rental we rehabbed. Closing cost, inspections etc. are between 2k and 3k, should these numbers deter me from doing this. Should I just look at these as expenses or just ignore them as it is just the way the business is. I'm keeping this property for long term hold and will cash flow the same, just have less equity. I do not really hear anyone discussing these numbers.

Thanks