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Oct 20 2011, 11:25 AM
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Nothing says 'I love you.' like a box of Hydroshoks ![]() ![]() ![]() ![]() ![]() ![]() Group: Moderators Posts: 5,284 Joined: 23-December 03 From: Granbury, TX Member No.: 4 |
... now is probably the best time to do so. Thought I would share ...
I close on a refi Monday at a 3% rate (IMG:http://www.frrax.com/rrforum/style_emoticons/default/blink.gif) I have enough equity, that I'm cashing out enough to be debt free on everything except my mortgage, obviously. Increasing the term by 7 years and the monthly payment is going down $100/month. My home appraised for a LOT more than I first thought it would ... a LOT. During my appraisal, I learned quite a bit ... A kitchen remodel/update will get you about 120% of the money you spend. New paint and tile in a bathroom is not considered an "update" ... bupkis. A new 16 SEER HVAC ... bupkis. A 1200 sq/ft shop will modify the appraisal $25K ... according to the appraiser, it would take $60K to replace it. I need to chat with my insurance agent ... I shopped around for a lender. I contacted several brokers and wound up with 4 GFEs. When I chose my broker and started the process, I learned that my Credit Score took a hit ... a pretty substantial hit ... due to numerous pulls of my credit score from all those lenders. Really? This came back to bite me in the end. Lots more more paperwork, documentation and a couple grand in by-down points. But, the lender allowed me to negotiate and purchase many of the required processes, like a survey. I was able to save a couple hundred by negotiating outside the title company process. And the same holds true for a title company. I was able to negotiate a reduce fee structure by allowing me to freelance much of the documentation. I've been working nights the last few weeks, so I can pull records and do much of the leg work. Again saved several hundred bucks all used for the buy down points to get me at 3%. The survey was interesting. My shop is built 6" into an easement. (IMG:http://www.frrax.com/rrforum/style_emoticons/default/dry.gif) Neighbors to the south have their fence running almost a foot into my property. (IMG:http://www.frrax.com/rrforum/style_emoticons/default/dry.gif) (IMG:http://www.frrax.com/rrforum/style_emoticons/default/dry.gif) I have 5% more land than what was on my original survey. (IMG:http://www.frrax.com/rrforum/style_emoticons/default/cool2.gif) It's taken several weeks longer than normal because of the route I chose. But I learned a lot about the process, the post bail-out red tape, where to spend money, how to work the system ... Any way, just thought I'd share ... |
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Oct 21 2011, 02:00 PM
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Experienced Member ![]() ![]() ![]() Group: Advanced Members Posts: 2,038 Joined: 3-March 10 From: Huntersville, NC Member No.: 9,105 |
OK, let me say one more thing. I understand what you are saying, but look at the bigger picture. First of all, maybe I wasn't clear about my plans and what I was saying. I'm not planning on selling these houses for a long time. I'm 30, and I want to keep these houses until I decided I need a lump of cash, maybe when I retire.
One thing about renters. I pay a property manager to show the house, screen the applicants, and take care of any repairs that need to be done. Credit score is very important. Not saying they are going to be perfect, but it really helps. Let's look at this one house that I bought for $45K. Call it $55K after everything. After paying the property manager, I'm bringing home $650 a month, right? That's $7,800 a year and $78000 after 10 years. It's not a large amount of money by any means, but it's all someone else's money who will actually buy the house for me, pay the taxes, and also pay for the home warranty. The best part is that when (eventually over time) the value goes up, you can borrow against it. And that's with only one house! Once the house is paid off, we're going to do it again. For me, it's a way to have control over my financial future. Having other people buy my houses for me isn't a bad thing. OK, I'm done. Sorry to get off topic. Steve |
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mitchntx If you've ever considered a mortgage refi ... Oct 20 2011, 11:25 AM
CrashTestDummy It's good to know the property values are goin... Oct 20 2011, 12:43 PM
AllZWay We actually just checked on our house. We only ow... Oct 20 2011, 01:24 PM
mitchntx My cost/benefit was almost a wash ... I had 8 year... Oct 20 2011, 02:07 PM
FBody383 Man, I need to go see the CrashTest shop.
Maybe I... Oct 20 2011, 02:28 PM
mitchntx I was suprised at the costs associated with buying... Oct 20 2011, 02:52 PM
CrashTestDummy QUOTE (FBody383 @ Oct 20 2011, 09:28 AM) ... Oct 21 2011, 01:45 PM
BryanL Nice work Mitch. Yes if you have more than 1-2 har... Oct 20 2011, 05:18 PM
Steve91T QUOTE (BryanL @ Oct 20 2011, 01:18 PM) Ni... Oct 20 2011, 05:39 PM
mitchntx QUOTE (Steve91T @ Oct 20 2011, 12:39 PM) ... Oct 20 2011, 10:19 PM
cccbock QUOTE (mitchntx @ Oct 20 2011, 06:19 PM) ... Oct 21 2011, 12:49 AM
cccbock QUOTE (mitchntx @ Oct 20 2011, 06:19 PM) ... Oct 21 2011, 12:51 AM
Steve91T QUOTE (cccbock @ Oct 20 2011, 08:51 PM) Q... Oct 21 2011, 02:17 AM
Rob Hood Congrats Mitch - 3% is awesome money. I hope I ca... Oct 21 2011, 01:02 AM
mitchntx Steve, you are banking on a couple things with tha... Oct 21 2011, 09:19 AM
supermac QUOTE (mitchntx @ Oct 21 2011, 03:19 AM) ... Oct 21 2011, 01:20 PM
BryanL Little bit of apples vs oranges going on. Is a ho... Oct 24 2011, 10:19 PM![]() ![]() |
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