[mitchntx]

... 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 ...

[Steve91T]

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