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Main home refinance closed! and 3 unit update

November 22nd, 2014 at 02:00 am

HI all

Talked to 6 homes property manager. He was about to refer someone for my vacant 3 unit (that the current pm says is filled and moving in) for $650 rent.. bodes well for higher rents.

With each at $650 I fully close the negative cash flow gap at the 3 units. that is the goal for next year.

I will switch from the current 3 unit property manager as soon as verify this unit is filled etc..

Main home refinance CLOSED tonight!

I am officially out of my hard money loan! thanks all for the support. it has been a large (curvy) road. Smile

6 Responses to “Main home refinance closed! and 3 unit update”

  1. creditcardfree Says:

    That has to feel like a huge weight has been lifted! Congrats.

  2. Another Reader Says:

    You aren't officially out until they fund and record. Celebrate on Wednesday.

    On to selling the Tahoe. Are you going to take it in tomorrow for bids?

  3. Rachael777 Says:

    I am vacuuming and cleaning the Tahoe today to take for bids and then post online.... Fingers crossed for good bids.. still having second thoughts about selling the Tahoe but unfortunately (??) I got an all options Tahoe so it is like money sitting in the driveway AND I have this crazy loan on the Genesis.. I wish in hindsight that I had gotten a more used Genesis and had it paid off by now... LOVE the car and would have been much less.. oh well... I could justify better a barebones Tahoe and LATER (after this tight period is up) .. but thinking this tighter period will get LOOSER with some rent increases at that 3 unit next year. it would be GREAT if I could close the gap so I only had a $500 negative cash flow a month across all units... that would be exciting!! I am at $1300 right now.. split approx $800 the homes.. $500 3 units..

  4. Rachael777 Says:

    Also thinking the not for profit needs an SUV for events.. etc.. and donations. we have to pick up 2/3 of a pallet of food next week.... maybe a bare bones one. .money at the not for profit has improved and we are turnig around the situation from last year. it never closed by the way. I will get bids today on the Tahoe

  5. Another Reader Says:

    If you threw the net cash from the Tahoe at the 6 homes loan, how soon would you be able to pull another deed? Could you pay off the Genesis and be done with it? In your shoes, I would be all about financial security (i.e. paying off debt and establishing reserves) for the next two or three years. I would not even consider another vehicle until I was cash flow positive by a substantial margin on the rentals. That's too much risk for me.

    An older van is much more useful for a rescue. They have more cargo space and are less expensive. Any chance you could ask your donors to give something like that?

  6. Bluebird Says:

    Awesome! It's been a long road!

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