March 16, 2023

Heyo! Hey, Andrew Postell here. Thought I'd be able to do a quick Drew 2 today. It's closing day! Yeah, got my closing packet on my recent property. This is the one that we used the chainsaw to cut down the tree, the backyard, the front yard, the dirt, all of the bedrooms that we split in half. It's that property. On this property, on closing day, this is our refinance, so we've already bought it. We rehabbed it, we rented it, now we're refinancing. On my refinance step, I'm going to show you the numbers. I've always said these aren't going to be flashy videos, but they will be transparent, and they're going to tell you exactly what you need to expect if you're going to be doing this strategy. So from directly from my closing settlement statement, cash to close $28,000. $28,270. $28,270. That's a chunk of change. Early in my career, I would not have done this. This is too much for me early in my career, many moons ago. But now that I have several properties, those several properties feed the engine, and now I can afford something like this. But is spending that much money still a good deal? Let's look at some more numbers, okay? So I spent $28,270. What if it was my primary home, my own primary home? Well, if I'm at $260,000 purchase price, 5% down, that's a primary number. $13,000 plus my closing costs, $10,000 to $12,000. Even for my primary home, I'd be bringing $25,000. Yeah, yeah. So if I've got $28,000, That's pretty good. It's still a lot of money. I want you to be aware of what to do. Early in my career, I would have offered $20,000 less on this property, which might have meant I could not have gotten it. When it's ultra-competitive, it pays to have other properties feeding the engine. Hope you don't mind this Drew 2. We'll talk with you soon.