Wednesday, September 11, 2013

John and Melanie - this is the real thing!



I love sharing success stories from my clients. This story is the "real deal". Jonathan Sloot* and Melanie Grose* came in to see me about a year ago. They were living in a small house, and they needed more room. However, their current house made a perfect rental property. They came to me with the idea of keeping their current home, and buying a bigger more "family-like" house.

I was really impressed with Jonathan's and Melanie's financial discipline. They had done a really great job at keeping their amortization short on their current home and paying down on their mortgage. They had a a lot of equity tied-up in the house. I showed them how to release it through a secure-line-of-credit and that became the down payment on their new home. We also looked at the cash flow of their current home, which was to become the rental. We wanted to be sure the rents covered the expenses, plus the mortgage. 

Here's what they said about the experience,  

"We went to see Sandra because we wanted to purchase another home to live in and keep our old home as a rental property.  Although there was equity in our current home, we were unsure on how to release the equity and piece together the plan.  Sandra laid-out the strategy in a clear way that we could understand what would take place. She negotiated the mortgages for us and got us better rates than our own bank could. We basically came in and signed the initial paperwork and Sandra and her team took care of the rest"

*permission was granted by Jonathan and Melanie to share their names and story.