After three months after the VA accepted my offer we finally closed on friday!
We purchased a 3/1.5 on each side duplex for 92k. In our area it will rent for 900-1000 per side. It is going to need about 6-8 thousand worth of repairs. Nothing major but is getting a new bathtub which held up financing.
At every stage there have been new hurdles, from the 203k loan falling through to the VA never clearing leins that were from the city for not mowing the yard. We are not rented yet but we are over the hump.
Can't wait for the next one!
Congrats on closing a 203k! its definitely a stressful process that requires a TON of patience.
I am about to close on my first Full 203k this week. My bank has pushed back closing several times, totaling an entire month! Its been a very eye opening experience to the world of real estate and the mortgage process.
Best of luck moving forward!
I am on day 44 of my 203k duplex loan process so I know all about the hurdles!
Looks like you got a good cash flowing property from what I can see.
What are you plans for your next investment property?
We actually couldn't get the 203k loan. My Debt to income was over by 3% if we added my wife our ratio would be good but we would have more than 4 loans so we had to scramble to get something else. Good thing we requested 60 days to close initially.
Here in Norfolk, VA. It is an exception around here though as most are 130 and up
Congrats Sean... Looks like a very good deal.
Great job, cssh flowing and a 203k loan on the same deal.
Congrats Sean.way to go
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