Well, on New Year’s Eve, we closed on our 4 unit duplex deal. So now we have the title, and will begin collecting the rent. This was a good deal, but even so, you need to read your closing documents. The lawyer, the banker, the seller and my buyer all missed an important detail – that the cost of the survey should have been paid by the seller. Luckily, I broke off from my family to come back home and be there for the closing.
This error would have cost my investor over $600. Not much money in the long run, but $600 is $600. Unfortunately, the hard work is not over. One of the renters is a section 8, so we will need to push through the paper work to get the transfer of ownership so that we can start collecting the government guaranteed payment. Further, there are some repairs that still have to be done, and the previous owner has to complete the installation of the new water meter, which is scheduled to be completed next week.
Overall, I am pretty happy with how this deal has turned out. If you are diligent, and follow through on your deals, you can make things happen. Get on my RSS list to get free, automatic updates to all the great information here at Personal Finance Resources.