All Forum Posts by: James Gesswein

Hello all.  I have my first question to ask here on Bigger Pockets.  I am sharing a response below from the company I have done my property financing though.  I asked them about refinancing our condo that we are renting out.  I am wondering if since I plan on using the additional cash for purchasing another property to rent does it make sense to refinance with a 30 year mortgage with the rate increasing almost a whole point? By the way, at this time, the $300,000 appraised value it a guess based on sales in the same neighborhood.

Thanks for sending this over. The maximum loan amount would be 75% of the appraised value, which at a $300,000 appraised value, puts you at a new loan amount of $225,000. After closing costs, that would put you with about $35,000 cash back, would that be enough? Also, the rate would be in the upper 4% range as well, which you are currently at 3.875% now. Would it make more sense to keep your current mortgage and try to get a home equity to get access to some funds?

Hello Sean... Yes, the condo has provided passive income. Not including any repairs we may need to address, we are taking home $300. I am still learning how to make money from investing in real estate but feel like that is a decent start.  Fingers crossed.

Hello all.  My name is Jamie Gesswein and my wife is Stacy.  We live in Williamsburg Virginia.  I am an information security director for a health care organization in Eastern Virginia and an absolute noob to the world of Real Estate but very excited and motivated.  My wife works at a property management company and has experience in the advertising/administrative support side of real estate.  We got our feet week with real estate when we purchased a new home last year and decide to keep our condo to rent out.  We hired someone else to take care of managing so we do not need to spend much time with it.  Our goal is to purchase another property in the next 90 days and potentially 1 or 2 more before end of year.  In the end we want to increase our wealth and monthly income to invest in retirement focused assets.  There will be some play money involved to hopefully.  Looking forward to a great journey with Bigger Pockets and all those associated with it.  Thanks.