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Rental Refinance Update

July 20th, 2017 at 04:39 pm

So...I received a call from the appraiser this afternoon, scheduling the rental appraisal for Tuesday, 7/25/17 at noon.

I can't tell how excited I am to get this refinance done. I have run the numbers a variety of ways and have decided upon a few things related and unrelated:

1. Without the "beautification" project, the rent is going up $75.00/mo. With the "beautification" project, the rent is going up $100.00/month;

2. With or without the refinance, all passive income is going towards the pre-payment on the rental mortgage;

3. The monthly "car" payment that no longer exists is going towards the pre-payment on the primary residence mortgage. I found a great mortgage calculator on the Forum Section and will shave about 10 years off my term with just that added principal only payment!!!

Exciting times.....thank you all for the comments, feedback, suggestions and support. You are all very inspirational and motivational.

2 Responses to “Rental Refinance Update”

  1. Wink Says:

    Ten years is a fantastic term reduction! Great job!

  2. snafu Says:

    How does your monthly rental fee compare with other rentals in its immediate district for square footage and features? What items/features need repair, replacement? What updates and upgrades are you planning? If you supplied the paint, does your tenant have the motivation and skill set to do the work for example? If you replaced lighting, flooring, appliances, toilets, taps, and decor/paint & cupboard handles, how long would it take to recover your expenses?

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