| Author |
Message |
ShanB (Shanb)
New member
Username: Shanb
Post Number: 22
Registered: 7-2003
| | Posted on Sunday, September 07, 2003 - 11:15 pm: | |
Peter - Thanks!
Jeff - Thanks, and funny you should mention 15 year notes. I just (as in this past week) refinanced two properties from 30 to 15 years at lower rates, and am accelerating the payments on four other properties to accomplish the same payoff time.
It is amazing how just a small increase in principal payment can yield a huge savings in interest and a way shorter payoff. I wish I had known that fact when we started investing (took five years for the light bulb to finally go on) but better late than never, right?
Thanks guys. |
Jeff (Jeff_m)
Junior Member
Username: Jeff_m
Post Number: 218
Registered: 9-2002
| | Posted on Sunday, September 07, 2003 - 10:01 pm: | |
I too have a few rentals and although can be a pain, they are probably one of the most secuer investments you can make. My advice would be to finance them with a 15 yr. note if it wouldn't be a big deal to you and you will build equity very quickly and they will be paid off and provide you with a few options when you turn 50! Other suggestion is make sure you do a real credit check on potential tenants and check references!I cannot stress the latter enough. |
PeterS (Peters)
Intermediate Member
Username: Peters
Post Number: 1472
Registered: 1-2003
| | Posted on Sunday, September 07, 2003 - 3:36 pm: | |
ShanB You have mail |
ShanB (Shanb)
New member
Username: Shanb
Post Number: 21
Registered: 7-2003
| | Posted on Sunday, September 07, 2003 - 3:28 pm: | |
My wife and I are landlords (and mid 30's full-time working professionals) with multiple single family properties.
I would like to talk to anyone on this list who has "been there and done that" who wouldn't mind sharing their insight on what they felt they did right and wrong in residential real estate.
I am trying to make sure our long-term strategy is sound and learn all I can to minimize my mistakes. Feel free to contact me privately & thanks in advance. |