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Real Estate Rental Property #2 Update (February 17, 2013)

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I haven’t posted about the progress of Rental Property #2 in a few weeks, so I thought now was a good time for an update. The loan process is moving along smoothly, and I am nearing the final stretch. Most of the major hurdles have been cleared, so that’s good news. The loan is now in underwriting for a final review.

I should be able to close by the end of February, probably around the 25th or 26th. Interest rates have been climbing a bit lately, so I wasn’t able to get the best rate. I didn’t lock in the rate last month (which I should have done), and ended up with 4.375%. In retrospect, I probably should have shopped around a bit more, but I went with the same bank/loan agent as last time. We have a good relationship, but ultimately, it’s going to impact my bottom line.

I really do wish I wasn’t so busy with work right now… I’m not putting much effort into this whole process. Instead, I’m just trying to close ASAP. Still, I can’t wait until the check is delivered and I get the keys! I’m all for being frugal, but I’ll confess, when that moment arrives, I’m going out and celebrating! 🙂

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{ 4 comments… add one }
  • Brick By Brick Investing | MarvinNo Gravatar February 18, 2013, 5:00 pm

    I don’t believe people deserve things, but you my friend have earned a celebration after all of this. Getting close!

    • FI FighterNo Gravatar February 26, 2013, 9:36 pm

      Marvin,

      Getting close, indeed! I feel like I’ll need to pop a champagne bottle as soon as I get the keys 😉

  • Compounding IncomeNo Gravatar February 20, 2013, 4:51 am

    Yeah you should cut loose after all this! It must have been difficult liquidating some of those positions, but it sounds like the property is going to be a good one!

    • FI FighterNo Gravatar February 26, 2013, 9:38 pm

      CI,

      Definitely. Selling stocks was very painful. However, most people involved in real estate have been telling me what a good deal I got… some are shocked that the purchase price was so “low”, given the demand and location. I sure hope these people know what they are talking about!

      Take care!

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