Thanks for the reply, I'm shocked at the mortgage rate as well, I was quoting for investment property as that's out of state, but both local bank and out of state bank quoted me roughly around the same rate of 5%, that's crazy high

Most sellers are usually shocked at the speedy cash offer and many times they are more than willing to sell the property at a lower price in this situation. 

Originally posted by @Mindy Jensen:Try it and let us know, @Jay Hinrichs I'm tempted after getting well literally thousands of the exact same letters over the years.. and whats funny sometimes I call them back most never answer.. and if they do they are shocked since they never got a response.then they try to fumble around with a pitch.. 

All it takes is a small chip and some 'shock' for the window to break. 

I moved here in 2000 from south Florida and had a massive sticker shock.  

Run some amortization tables for your self with a fixed rate for differing length of times.You will be shocked that the changes in the mortgage payments and the effects on your ROI.Ask your partner what's the advantage to creating excessive equity when that money could have been put to work elsewhere?

You would have $300/yr more than what you are after now and you would not have shell shocked your tenant later.These are much smaller numbers which a tenant can absorb over 3 years rather than a 1 time 4.25% hike. 

(A recorded trustee's deed (or similar alternative) confirming the amount paid by the grantee to trustee may be substituted for a settlement statement if a settlement statement was not provided to the purchaser at time of sale.)The preliminary title search or report must confirm that there are no existing liens on the subject property.The sources of funds for the purchase transaction are documented (such as bank statements, personal loan documents, or a HELOC on another property).If the source of funds used to acquire the property was an unsecured loan or a loan secured by an asset other than the subject property (such as a HELOC secured by another property), the settlement statement for the refinance transaction must reflect that all cash-out proceeds be used to pay off or pay down, as applicable, the loan used to purchase the property.

Once it was completed we were excited to have completed our first project and shocked by how great it looked in spite of all the challenges.What made you interested in investing in this type of deal?

Yes, Jan/Feb are slow but I was shocked at how busy March was for me last year, hopefully the same will be true this year.