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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

Posted in 3 units-rentals, General rental updates, Main home refinance | 6 Comments »

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

  1. creditcardfree Says:
    November 22nd, 2014 at 02:06 am 1416622010
    1416622010

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

  2. Another Reader Says:
    November 22nd, 2014 at 02:59 am 1416625142
    1416625142

    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:
    November 22nd, 2014 at 02:22 pm 1416666156
    1416666156

    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:
    November 22nd, 2014 at 02:24 pm 1416666244
    1416666244

    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:
    November 22nd, 2014 at 02:35 pm 1416666958
    1416666958

    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:
    November 22nd, 2014 at 11:28 pm 1416698896
    1416698896

    Awesome! It's been a long road!

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