Hi I'm in Grand Rapids, Michigan and have been looking into refinancing or a HEL on my current owner occupied 3-unit home.

The now-non-buyer was out over a grand.

It has been on the market for about a month now and is a 7 plex in a great area that cash flows about 2 grand after taxes insurance prop management and debt service and that would be on a commercial loan at 20 years.

.$40, $50, $75 grand a year?  

Their appraisal came in at $139,000 which was within a grand of my own assessment.

But wouldnt you rather rent out in a very nice neighborhood NOT have to worry about if there gonna pay you this month or evicting someone, just to make a few grand a year on a couple units?

I'd say that is a grand slam deal.

I didn't think they required an appraisal.Also glad to hear closing costs are closer to 2 grand... mine were $2,800 on a $115k refi yesterday so I thought that number was a bit outlandish.At the end of the day you need to understand your exit strategy.

Wifey and I will be spending March in AZ for Spring Training and sunshine (except for 5 days in SNOWY Denver). Suggestions for bar b q and mexican restaurants? Rich

Hello everyoneI would like to introduce myself, My name is Paul Routsaw I live in Grand Rapids, Michigan.