Thanks for the compliment! So far so good and I feel like each purchase we have made gets better and better.
We have a portfolio loan through a small local bank. We used portfolio loans on both properties last year. Until these properties have 2 years of rental history they don't count as income towards loans. So this was the best option with the option to refi in two years if we want to. Interest was pretty good 4% on one and 5% on the 6 plex. We do want to pay them off quickly to use them as a type of "pension" income for early retirement. So we always put 20% down and try to pay off rather than leverage. The 20% down is required by the bank for portfolio loans anyway.
I forgot to mention the 185k 6 unit appraised at 220 which made us happy.. Was very mis managed and it took us 2 months and 5k to get it back on track which was a nice turn around.
Yes, I was going to use VRBO to vacation rental the condo if it does not sell. I think I could over double what it makes now as a normal rental.. But if it sells I will reinvest the money into something that requires less upkeep (cleaning, being available for vacationers etc.) ... We are going to be out of the country for 5 weeks so instead of having it sit empty I thought I'd let my realtor give it a shot.
