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Updated about 9 years ago on . Most recent reply
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My first investment property!
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Hey guys, for those of you who are still following my updates just wanted to provided a short one.
I finished! Property turned out beautiful. I also came under budget by about $1K but went over schedule by a month. My actual construction days were pretty accurate but I didn't include any personal days. It took me 95 days and I missed 30-35...yikes.
I already got a lease signed, did an open house immediately and had a couple of applications. They move in 12/5!
Now I'm having to work through my refi. This is turning into a mess because I was informed since I've owned the property for less than a year I can only refi the initial loan amount, and not based on the appraisal. Due to this I'm unable to pull out as much cash as I initially had hoped, but the silver lining is it lowers my mortgage!
Rent is $1,400 and mortgage (taxes/ins. inc.) is approx. $975.