Real Estate Newbie Mentor

[Henry Peñate]

Good evening to all ,

Seeking inspiration from fellow investors.

My wife and I were suppose to close Thursday got pushed back to Friday and now we hope for the best on Monday , our lender got our closing disclosure sent over to title right at closing time Friday so now we wait to hopefully close Monday after we have wired a total of 12k to title company for closing. We’ve loaded up everything into a uhaul from our primary which I had 7 viewings today that all went pretty well and hoping to get applications soon as from first time impressions they were all potential tenants (renting out for $1700 a month on a mortgage we pay $1240 and hope to bring down to near $1000 after refinancing). I really felt as if I ran a property management company or atleast worked for one as I didn’t want to give away being the homeowner. We luckily still have our beds to sleep on but living out of boxes for the time being. We hope for the best as it is a leap of faith and numbers we are taking.

Our closing disclosure showed we will pay ($1400 a month) $200 less a month than we were originally estimated so that’s an upside.

We hope to soon refinance our primary as we have a high interest rate of 5% and close to 100k in equity as we plan to get an equity loan for an investment property in the near future. Also would like to know how fast this can be done since debt to income ratio plays a big part of getting a loan.

Thank you all in advance