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

Just heard back from my agent around 3:00 AM this morning. I received a late-night/early-morning e-mail that woke me up… Well, it’s official, I’ve been approved by the lender for rental property #2! This was a short-sale that took 3 months to go from acceptance of the offer to final lender approval.

Now the real fun begins! I have to come up with around $70,000 by the end of February (and secure a bank loan). More updates to follow soon.

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Leverage: The Key to Amassing Massive Wealth | Real Estate NewsLeverage: The Key to Amassing Massive WealthJon @ MoneySmartGuidesFI FighterMartin Recent comment authors
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Leigh
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woot! Out of curiosity, do you plan to purchase a primary residence some day? Or are you waiting for marriage to do that?

Pauline
Guest

that is great, congrats!

JC @ Passive-Income-Pursuit
Guest

That’s awesome and is going to be so good for the cash flow once you can get a renter. Hopefully you won’t have the satellite issue with this house. And even better they didn’t want you to raise your bid.

all about interest
Guest

congrats on your second property! You have a nice diversified income stream. I want to keep my income from rentals/dividend stocks close to 50/50 long-term.

Terah@The Credit Report Chick
Guest

Congrats! Can’t wait to read the updates. Hoping to make an offer on my first investment property in a few weeks.

Dividend Mantra
Guest

FI Fighter,

Congratulations. You’re turning into a real estate mogul. Awesome stuff.

I couldn’t imagine coming up with $70k in a month. That’s crazy. I guess you’re right about selling off some of the portfolio, but that’s okay because you’ll be compounding at an even greater rate with the cash flow you’ll be generating pretty soon from this property.

Good luck on everything going smooth!

Best wishes.

Martin
Guest

FF, how are you going to get 70 k in a little more than a month? Are you going to rob a bank? If so, will you need a driver?

Jon @ MoneySmartGuides
Guest

Awesome news!!! How long will it take to come up with that $70K? Will you sell mostly stock to raise it or a combination?

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[…] early January of this year, the bank approved my short-sale bid to purchase Rental Property #2 for $290,000. Through the use of leverage, I did NOT have to come up with the entire $290,000, […]

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[…] early January of this year, the bank approved my short-sale bid to purchase Rental Property #2 for $290,000. Through the use of leverage, I did NOT have to come up with the entire $290,000, […]

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