@Michelle VerdugoIt sounds like you got it.A refinance it taking an existing mortgage and "replacing" it with another mortgage for the same principal amount, the amount that is outstanding/owed. 

We bought the property last July and allowed the current tenants to finish out their existing lease (up in the fall), we figured they’d move on since they made no indication they wanted to stay....but both did not move out like I had assumed.

Who bought an existing business vs starting their own and did it turn out to be a good idea?

So I worked and talked to more people and met and agent that helped me use an (existing tenant) as income to get me approved high enough to put a 335k offer that the seller then accepted.

For all you know, she's smart as a whip and can easily afford $1800 but hasn't bothered to move because she enjoys her simple life.When you purchase with existing tenants, you should introduce yourself as the new Landlord on the day of closing.

Chuck Fowke, chairman of the National Association of Home Builders (NAHB), is quoted in the article as noting that “Despite strength in buyer traffic and lack of existing inventory, builders are slowing some production of single-family homes as lumber and other material costs, along with interest rates, continue to rise.”That said, over the 12 months we’ve seen a 36% increase in permits, but a delay in construction.

It then rebounded dramatically in June and July, as consumers rushed out to buy suburban homes, seeking more space for working and schooling from home.Builders now say they continue to see a steady stream of buyers, due in large part to the extreme shortage of existing homes for sale.

Finally, on Friday (5/21), the National Association of Realtors will release its “Existing Home Sales.”Weekly Changes:10-year Treasuries: Rose 005 bpsDow Jones: Fell 500 pointsNASDAQ: Fell 350 pointsCalendar:Monday, 5/17: NAHB HousingTuesday, 5/18: Housing StartsFriday, 5/21: Existing Home Sales

Almost like it no longer exists. 

I know that there are major regional variations in costs (especially land), and building materials (and labor) are much more expensive than they've historically been, but I'm starting to think that a new build might come out more favorable than an existing structure even so, given that the prices on existing places is so high.I'd like to build a standard class-B property with 4 large-ish units (1200sf) within commuting distance to downtown Phoenix.