All Forum Posts by: Perry B.

Thomas, I guess everyone looks at things slightly differently.  I understand opportunity cost, but I don't see how this property is as bad as you claim.  I paid $3400 for the property with the land.  I probably have around $30k total in it after renovations (I did almost all the work myself). If I were to sell it, I would have to pay capital gains tax on $110k, which would be about $16,500.  Like I said, I have it rented for $1000 per month.  I could be misunderstanding you, but it seems like what you are suggesting is to refi - even at an interest rate of up to 10% because it is costing me so much in opportunity costs.  What happens if values drop again?  It seems like that thought process is what got us into the first bubble.  I don't see what is wrong with holding a few properties free-and-clear as a risk management strategy.  But, maybe I am looking at it wrong, so I appreciate you challenging my thought process.

I own a doublewide manufactured home manufactured in 1978, but totally renovated inside and out in 2015. It has been permanently affixed to approximately an acre of land, and it is on a permanent concrete block foundation. It is an investment property and is currently rented out for $1000 per month. It is located in Georgia, and I estimate it's value around $140k. I was considering doing a cash-out refi of around $100k, but am having a very difficult time finding someone interested in loaning the money. I do not really need the money and am not interested in high interest rate products (anything above 6-7% would probably not interest me). If I was able to borrow this money, I would probably use the proceeds to purchase other properties. Has anyone had success in doing this type of loan? If so, could you share your experience and where you might have been able to obtain this type of loan? Thank you.