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

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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FI FighterCompounding IncomeBrick By Brick Investing | Marvin Recent comment authors
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Brick By Brick Investing | Marvin

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

Compounding Income

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!