Updated almost 7 years ago on . Most recent reply
Newbie working through closing process
Rising tides lift all sails.. I am so grateful for the Bigger Pockets community. Folks are so generous with their knowledge, resources, and are so willing to take this hike together. My fiancée and I have began our adventure in the real estate investment world. After listening to tons of podcast, reading books, connecting with local REI (all strategies suggested in BP), we put in 3 offers and had one accepted last Thursday. We are in the closing phase and it is extremely challenging and anxiety inducing. We are using conventional financing for a buy and hold property that we plan to employ the BRRR method on in southwest Baltimore. After reading @Brandon Turner's book on managing rental properties we've taken his advice on how to get our loan accepted (paying attention to our debt to income ratio, collecting the necessary documents in advance, etc.). This has helped the process tremendously!
I must admit, I am still having restless nights as we await approval from the underwriter. Wish us luck. We will keep you posted. Regardless, this first experience is a great learning opportunity and we hope to take whatever lessons may come. Progress is a process right! Take care all.