All Forum Posts by: Matthew Rhoades

@Grant Schroeder Sorry, I realize that I wasn’t very clear on the details. The Cash Out Refi would be an investment property in MN. Thanks @Mike Moe, I’ll shoot him a message!

Hey BP, I’m doing some lender shopping for cash out refi rates and would like to hear any recommendations. Looking to take the money and ultimately use it for a second investment property.

I’ve submitted one application with the lender we just used to close our primary residence in TN because we have a good relationship (he’s now with Guaranteed Rate) but I’ve read there’s benefit to making some local lender relationships since the future of my investment will probably be in MN.

I used Renters Warehouse to find a tenant and they were able to very quickly. If anything, they could give you a free quote on prices in your rental area for you to compare. Not trying to sell their property management services, just the tenant placement services, which would basically only cost you a month of your cash flow if I remember correctly. 

Good question Justin. I’ve been living long distance in Tennessee for the last couple years, and this was my first time renting it out to someone I didn’t know. For the most part, it was about compliance and making sure I was covered legally. I just felt I’d be more comfortable that way, but when I move back to MN, I’d like to refocus on managing on my own (and hopefully having a couple more properties at that point too).

Investment Info:

Condo other investment in Maplewood.

Purchase price: $194,000
Cash invested: $39,000

Lived in as a primary residence for 2 years then turned a rental. Started out renting to friends and family for the first 2 years (once at cost and then next for a profit). Managed myself, but am now turning it over to a proper management company. New tenant moving in August 1, 2021.

Didn't mean for it to become an investment property when we first bought, but it's turned into one and I love the process.