Rental Property #5 Update (January 18, 2013)

chicago-7

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! 😉

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MartinFI FighterTraderCharles@gettingarichlifeIntegrator Recent comment authors
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Guest

Good morning FI. I’m glad you feel rested and recharged after your trip to Hawaii. It’s great your loan is moving forward nicely. I thought you were trying to drag out closing, so you’d have the cash for closing more easily available? When do you anticipate closing now, late Feb?

Brick By Brick Investing | Marvin
Guest

Pretty excited for you bro, that’s freaking awesome. How much longer until you have a portfolio of $10 million dollars? =)

Done by Forty
Guest

Such a life! I’m glad you’re able to close soon, in any case. Best of luck!

Integrator
Guest

We are going through a similar underwriting process on the loan for our new place. We were finding it difficult coordinating inspections, attorney review etc for just the 1 place. You must be a pro having done it for the 5th time!

Charles@gettingarichlife
Guest

Glad you like Uncle Bo. Which did you like better the shrimp dynamite or clams. Once everything is done are you retiring in Hawaii? See you at the finish line.

Trader
Guest

Nice to read that you are in good mood with your trip.
That’s the reward for your hard journey Enjoy it!

Martin
Guest

Hey FI, can you post something nasty so I can stop envying you?

Glad you had a great Hawaii vacation. When we will go I will start posting something too!

I think there is no rush in closing right? If it is this week or two weeks from now won’t make that of a big difference right?

So by rebuilding your cash reserves you mean you will be taking some rest and saving or are you already searching for another property #6?

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