Close on my 1st property tomorrow...lots of lessons learned!!

Close on my 1st property tomorrow...lots of lessons learned!!

SC · Member since 2013 · 15 posts · 1 vote

First of all, I have to mention how much having these boards to refer to and study has helped me prepare for this. I don't think I would have persevered without them. It has been a rough week...lots of ups and downs.

I will tell the entire story when I have more time but in short, my agent misinformed us about the REO Addendum which basically had us agreeing to purchase the house without a detailed inspection. There are reasons why I said yes without too much concern but I will have to follow up on that later.

The house has been inspected just so we would know where we stand. We ended up with what we expected...old termite damage to a sill plate ($800), small roof repair $150 and the rest is cosmetic .

It is VERY hectic around here :) but I am enjoying it! I have taken advantage of lots of holiday sales and ordered most of the materials for at least 50% off.

The icing on the cake is that we leave for Ireland the day after closing! I will have some simple jobs started while we are away...a trusted handyman will supervise. Then the big action will start on the 18th!! I can't wait to see my vision come to reality.

I will keep y'all updated :)

Charlene

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  • Real Estate Investor · Dallas, TX · Member since 2010 · 449 posts · 173 votes
    12y

    Congrats, Charlene! I'm excited for you. #1 is the biggest step of them all. Good luck!

    -Harry

  • Brie SchmidtBusiness Member
    Moderator
    Real Estate Broker · Chicago, IL · Member since 2013 · 6k+ posts · 5k+ votes
    12y

    Congratulations! This is a very exciting start!

  • Jonna WeberPro Member
    Moderator
    Investor · Boise, ID · Member since 2011 · 1k+ posts · 736 votes
    12y

    Congratulations Charlene! Are you renting it out or flipping the home? Have fun celebrating in Ireland!

  • Bolingbrook, IL · Member since 2013 · 17 posts · 3 votes
    12y

    Congratulations, Charlene!!
    Oooh, I'm inspired that you're "doing the do", girl.
    Have an awesome time in Ireland. How excited you must be right now with everything that's happening with you. Bet you can't sleep. :-)
    May I ask, when did you first start in your business?

    DiEdra "DiDi" Stinson

  • SC · Member since 2013 · 15 posts · 1 vote
    12y

    Thanks everybody!

    Jonna...I am trying to decide and need to soon :)

    It may be a ? I post to the forums later tonight.

    Diedra, Hi and thanks!

    There is alot going on right now....and I just found out closing is delayed until next week and will be completed with me out of town. Surprise..Surprise!!

    I have to assign powere of atty to my Mom and she will act in my absence...kind of a mess but I am learning to expect ANYTHING in this business :)

    I decided to buy an investment property 2 years ago and started saving for a down payment...sold on ebay etc and made extra money. I started looking 6 weeks ago and found a great property within 2 weeks. Much faster than I expected. It is a foreclosure,which usually takes forever. But somehow, we made an offer on the 11/9 and we are closing 4 1/2 weeks later!

    I have not had enough time to be in shock, it has been super crazy in my world. Love it so far but it has had MANY stressful moments and some tears, I have to admit.

    Good luck and keep pushing forward...it will all come in time!

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