3.75% interest rate on second property even though rates were at 8% at the time!

[Dan Flannery]

Investment Info:

Single-family residence buy & hold investment.

Purchase price: $350,000
Cash invested: $20,000

I was able to get a 3.75% interest rate in a time where rates were at 8%. I had my realtor set up a search for assumable loans, and found a property in Aubrey TX with an assumable VA loan. After getting my offer was accepted the waiting game began. There was tons of extra paperwork to fill out but my Realtor and Lender made the process easy! After a 90 days I finally closed on the house. I am now living here for a year per the loan agreement but I am ready to move out and get it rented.

What made you interested in investing in this type of deal?

-The area
-The interest rate

How did you finance this deal?

-Assumable mortgage