Bluffton, SC · Member since 2018 · 63 posts · 205 votes
Well, I am pleased to say that I finally got my first property in Columbus GA renovated and rented. I purchased the property on auction dot com for $25700. Renovations costed $12,000.
I am all in for $37,700.
On December 31st I signed a 12-month lease with my new tenants for $1050 a month. Can you say super excited! Now I am trying to decide whether I should refinance and take the cash out or just keep it going and save up the cash to repeat the process in another year or so. I purchased and renovated using my savings so I don't have a mortgage on the property.
Engineer · Portland, OR · Member since 2014 · 1k+ posts · 1k+ votes
7y
@Charles Mahabir your welcome to your own investment biases but the guy is getting near a 3% GRM which is great. If you think it's not a good deal because of any "cost of money" issue then you should reevaluate your maths
Investor · Charlotte, NC · Member since 2017 · 321 posts · 157 votes
7y
Keep this deal free & clear. I have 3 units free & clear. I struggle with if I should refi or not. I'm 2 1/2 in real estate and still learning. Being free and clear, I can sleep like a baby at night compared to being leverage. Maybe 1 day I'll refi but maybe not. I love the chunk on cash flow I see every month.
Napa, CA · Member since 2017 · 57 posts · 27 votes
7y
Congrats Karam - outstanding job!!
To clarify, with auction.com, once you have the winning bid, they will let you go inside (or let your contractor or representative inside if an OOS investor) and see the place? Then you either wire funds or forfeit earnest money.