Posted by Tony Colella on May 17, 2007 at 21:42:26:
Congrats Steve!
Nice work and here’s to many more just like it.
Tony
thanks again land-bankers! - Posted by Steve-WA
Posted by Steve-WA on May 17, 2007 at 21:14:25:
closed refi on 2nd LH this week (50K basis in the prop, appraised for 177K, got 70% = 120K), and at the same time signed to close an upgradeable SW LH for 58K that appraised at 118K. Refi in reserve will pay for another as well, same seller, similar property, same area, but this one for 43K (same appraisal number).
Pics in the Larson album at www.picturetrail.com/gotc
this is fun
;-)3
Good for you! But… - Posted by Lin (NC)
Posted by Lin (NC) on May 20, 2007 at 09:55:42:
They don’t all work like that, unfortunately.
I bought my DW L/H two years ago and have a basis of $41k. It rents for $750/mo. I refied last month for $56k (80% of appraisal of $70k). Closing costs and appraisal ate up $1500. My market isn’t like hot like Seattle, but it is not declining, at least not for stick built. As far as I can tell I’ve had zero appreciation in two years if that appraisal is any good. I’ve never experienced that before and I don’t like it!
Lin
Re: thanks again land-bankers! - Posted by Marty (MO)
Posted by Marty (MO) on May 18, 2007 at 21:48:49:
outstanding!