Rental Property Loan Finally Closing!

[Bades]

It's been a long two months, with lots of back and forth communication with the bank, current owner, real estate agent, etc, and I'm heading to the bank today to get a cashier's check for the down payment!

This has been quite the learning experience as this is my first real estate loan.

All ready for luxurious life of being a landlord!

[97guns]

congratulations , i know it is harder to close on loans these days, i love cash flowing real estate

[Bades]

It's a 4 unit, and even with two vacancies, I'll only be paying about $35 out of pocket (that's including a vacancy rate/cushion I figured into the budget)

At the moment two units are vacant, but after the first day of posting an ad on Craigslist, I received a whopping 13 email replies in one day! Good start so far

[97guns]

i have a few tips for screeening potential tennanats. when you call their employer to confirm their employment do not ask directly about the potential tennant, the first time you call act as though you are a customerto nake sure the business is legit, ive had potentail renters give me false phone numbers, numbers to their friends or relative

when the tenant comes to look at the property let them go inside while you stay outside, look at their dmv tag, make sure it is current. check the inside of the car for clenliness, if their car is like a pig sty so will their house.

[Rboone]

Congratulations I recently purchased a 4 unit property as well.