Rental Property #4 finally closed today! I’m happy to announce that all the papers have been signed and the funds wired to escrow. About $26,000 was needed in total for the downpayment and closing costs. So, no more drama… I hope. I definitely can’t say closing was smooth sailing, because it wasn’t. Luckily, I was able to find a co-signer to help secure this latest deal.
Now that Rental Property #4 is in the books, what’s the next step? Obviously, it’s to secure Rental Property #5!! But that should come as no surprise to anyone following along on this journey. Actually, I already let that “secret” out when I posted details on my latest trip out to Chicago.
Rental Property #5 is under contract, so I will write an update on that property soon. In the meantime, I’m going to take a break and relax a little bit. Closing can get stressful at times, so I’m looking forward to not having to deal with this stuff on a daily basis. This was by far the most difficult loan to date. There always seemed to be another glitch or problem that prevented us from closing on time. In total, the loan took two and a half months to finalize. And I only borrowed $64,500!
I also hear that loans #5 through #10 only get more challenging. I can’t wait. 🙂