This week has been quite trying. Lots of disappointment all around concerning the properties (And this will be one of the most pessimistic blog posts on here).
First in the week – The bank (The third bank now that I’ve approached for loans) turned us down on refinance of a few of the properties. The loan officer’s statement to me was that the board wasn’t a fan of the company having investors. I really can’t fathom the reasoning behind it, however their statement to me was that they ‘disliked an equity partner situation’. Even though I have controlling share and control of the company. Maybe there’s a secondary reason behind it but I’m unsure. Going forward I think I’m going to come up with a much more cohesive loan package to present to loan officers do I don’t spend as much time on it as I did this time around.
Second in the week, the property we’re working on (#12) was broken into, and about $1,500 in tools stolen. We really can’t claim it on insurance as the total recovery amount wouldn’t be enough to suffice on the potential premium increase. Right now we’re spending a little over $900 a month on insurance, and really don’t want to see it increase any more as we’d be paying the increase over too long of a time.
The bright news – The bank (The one we’re actively working with) called me Friday stating that we’d close on the refinance on Tuesday. This one will cash out another property to pay off our line of credit. This is good news as it’s taken a month to do unfortunately. The funds will go to pay down our active line of credit to <$25k. They would like to see us pay it off before we utilize the LOC further. They also want to see our tax return for 2014 so they can decide where to go. I hate the idea of having things up in the air so much that I can’t solidly say where the purchases will go.