Updated 2 minutes ago on . Most recent reply
It’s becoming real!
Appraisal came back great! No outstanding issues to deal with. House is pretty much ready to rent as soon as it's closed. Most of my anxiety has subsided. Feels very surreal to being this close to owning a property. Long distance RE was not my first choice to pick, figured that would be later in my journey but still awesome I'm able to do it.
Of course this is still reality. Not everything is as clean cut as if it were a movie. House was advertised as a 4bed/2bath duplex, Unit #1: 1B/1B 4R; Unit #2: 3B/1B 5R. Appraisal came back saying both units had the same amount of rooms, and I lost a bed in unit #2... what happened? I forgot to mention there's an attic that's accessible from the second unit. It is unfinished (an opportunity to build equity into the house, which I was already aware of). What I wasn't aware of was that the seller included this room in advertisement of unit #2's rooms. Not a super big deal to-be-honest. Just one of those things I'd have like to understood from the beginning. A true learning experience.
Currently reading through homeowners insurance quotes I shopped around for. I need to buy a fridge and stone for each unit. Was thinking about maybe getting central air for each unit too but not sure about it yet. Now knowing that the "living room" is really just a bedroom in disguise for the second unit, I feel more incentivized to finish renovating the attic. First step is probably reaching out to the local building department to figure out if there are any requirements to make an attic a living space.
Im stressing out a little during all this but I am excited and happy (at-the-moment lol) my journey to real estate investing is beginning!
Let me know if there's anything I should be thinking about as I'm getting closer to closing day. Always want to make sure I'm checking all bases.
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Congratulations! It will be a great learning experience and hopefully smooth journey. Have you actually seen the property? Where is it? Sounds like a few moving parts that might be unclear.