Mind shooting me over the lender or broker details? Great to hear you got it all done!

YES!!!! That’s so cool to hear. Congrats Timias.

Cheers J. That was on my news feed this morning too and I think it’s good we all have another few months to figure out if it’s right for us and close!

It has been pushed back to a Dec 1 start date as of this week. That fee was why interest rates were moving back up. They dropped for now, but you can expect the same to happen as we get towards Dec.

Hey Elizabeth! Thank you! I’m familiar with Dave Ramsay, and I even had the pleasure of meeting his daughter once at a financial conference. She’s an awesome speaker!

While I look forward to paying off all my debt one day, it’s not my priority (right now). Low rate loans I can use as leverage to boost my investment returns and grow my wealth at a slightly faster rate. I do pay a lot of money in interest, but I actually get to keep more money at the end of the day relative to my starting principal.

I fully realize that if I over-leverage or only focus on maximum profits, it will be like a house of cards and could come crashing down. But I’m constantly evaluating these risks and have a pretty conservative mindset compared to most real estate investors. I’m comfortable with the debt for now.

Congrats on your paid off rentals! Buying in cash is a solid strategy and glad to hear its worked out well for you. I love hearing everyone’s different experiences and viewpoints.. Thanks for sharing!

Joel

You may have heard of Dave Ramsey. He went bankrupt by financing rental property in the 1980’s. I think his plan makes the most sense of any, and so he would tell you to become debt free and pay cash for rentals. I personally used his plan and turns out he is right! When you have no payments all your income stays in YOUR pocket. Many people poo poo his plan but it really does work the best. Best wishes to you and your family:)

Hey FTF! I can’t cash-out refi my residence because I rent where I live. Love the idea though and think anyone who qualifies should consider that. (Be careful of tax consequences for peeps out there with Jumbo loans on their primary res! Only so much interest can be claimed)

I looked at no-cost and both these scenarios have the closing costs added to the loan balance, so would cost me nothing out of pocket. I didn’t know about the interest rate increase option, but my guess is the gap between my current one and the new still won’t justify it. (not right now anyway – I’ll keep evaluating as time goes on!)

Nope, this is the first I’ve ever heard of it. That ads like $650 to my closing costs and another 10 months to my breakeven point. Dang!