Great talk today ✅

So I have this duplex I bought and rehabbed. I had refinanced it before under duress when someone who I thought wanted to be a long term partner decided they just wanted to be a lender and decided they needed their money back. This partner was only in for about 20% so it was fairly easy to refi and pay them their cash back with interest. That was 3 years ago and not having a partner has been a huge blessing. The thing was since I had to refinance fast, I used a local credit union which gave me 8.25% interest on a 20 year amortization with a 10 year baloon. The place still cashflows fine but I never liked the baloon coming due, or the rate for that matter. So now the goal was to refinance at a better rate on a 30 year fixed. I tried this a year ago but the apraisal came back 75k less than the previous one from my first refinance. This was gonna force me to actually put cash in to refi so I decided to wait. Now I have a new loan arrangement and are just waiting for the new appraisal, which came back today and wow the new one is 44k more than the first allowing me to keep same payment pull out some cash and lower my LTV to 64%. So with patience things to go right!

Great talk today in the session, thank you

Next week’s “Weekly Grind” call will be focused on exploring a market to invest in. If you’re looking for a new market, invest in a market outside of the one you live in, or have some lessons learned from previous experiences, please join us as we explore this topic in depth.