I was unable to refi on my third rental.  I needed another 13k in liquid assets in order to make this happen.  To be honest, I’m not entirely disapointed.  What started out as a good deal has really turned into a sour one.  Mostly due to the amount I would have to bring to closing.  Originally it was just closing costs.  Then fannie mae dropped refi from 80% to 75% and during the long delay to refi the house dropped 10k in value.  Mostly due to investor interest and flippers in my rental area.  In the end I was going to have to bring 15k to the table.  Doable, but not acceptable.

I will sell this place back to the seller as part of our agreement.  He will find another buyer.  He also will find another house I can get into.I haven’t decided yet if I will or not.  My first two rentals have cost me over 6k this year due to vacancies and maintenance.  Its been a great learning experience, but I think I should have had much more cash in the bank before I started owning rentals.  I covered every cost and I am not behind, but I have been very tight these last few months.  Not where I want to be financially.  I was well out of my comfort zone.Overall what an incredible learning experience for the price.  I should still make money on these properties in the long run, and now I know much better how to to get into properties.

My vacant property had the renter move in on the 23rd.  This will be the first month in 5 that my business bank account will be able to cover the mortgages without me having to add funds.  Very exciting to finally have that happen.

On the home front I finally got that big dead pine out of my back yard.  Its really starting to look good back there.  It took me and my father only about four hours to fell the tree and chop it up.  I cut below the soil and the last bit and have filled in with 3 inches of soil  Grass should do nicely there.

I have decided not to sell my house yet this year.  Originally I planned on selling this summer. As they say, life happens and it is just not in the cards yet.  That is fine by me.  It will give me some time to get my finances back to where I want them and do a few more things to this house rather then try and rush them.  To capitialize on the summer market I would really need to get this house on the mls by mid July.  Doable, but to much headache at the moment.