Rental Property #5 was originally scheduled to close on January 24. Since I was on vacation, not much progress has been made in closing the loan. For one, the inspection was previously scheduled for January 03, but due to the property not being “inspection ready”, I had to cancel, and reschedule for this upcoming Tuesday. Further, the appraisal took awhile to get done, and just recently got completed this past week. The report should be available this upcoming week as well.
The good news is that my file passed the preliminary stages of underwriting! I’m anticipating the need to submit more financial statements next week, but there shouldn’t be any real surprises. Once the inspection and appraisal are wrapped up, I will need to contact the insurance company to get the policy in place.
Realistically, it doesn’t look like I’ll take possession of the property this month. I’m guessing that early February will be a more feasible close date. In any event, I’m looking forward to closing out this loan so that I can start rebuilding my cash reserves… That, and I have a lot of bills to pay… thanks to Hawaii! 😉