My deal closed, but the headaches just started!!

4 Replies

It’s a fun learning process, but man oh man!  You better have some cushion for expenses... Remember me!  The one that got her copper pipes yanked out a day before closing.  Well, the plumbing is done ($1500), remember it was an oil furnace (more copper), well the oil was converted to gas $3,500 w/labor and units Sep. metered. None of this was planned for. 

On the bright side..... I just posted the rental and I might have done it prematurely, because I'm getting hits like crazy and the contractor is still doing lead abatement. I should have the property ready in 2 weeks to view. So, that's what I'm telling potential renters.

Putting the cart before the horse I guess. I'm learning sooooo much and thankfully I had a cushion of cash because I would be stuck on stupid right now.

Oh two great stores I learned about in the Baltimore area:  2nd change and loading dock.  You can really get some good used stuff and a decent price.

Sorry to ramble... numbers, numbers, do the dang numbers! Not sure how I'm going to get to the next deal. I can't refinance this duplex for 3 years and I'm close to FMV.

Thanks for sharing. Having reserves is critical to long term success.

Yes you learn a ton on your first deal. Yes reserves are critical. It always takes more money than you think getting a "Rent ready" house actually ready to rent

@Kimberly H.  Thanks for sharing.  You seem to be taking it all in very well.  You are learning a new set of skills that will benefit you for the rest of your life.  There will be struggle, there will be prosperity.

Why can't you refi for 3 years?

Originally posted by @Dana Whicker :

@Kimberly Harrell  Thanks for sharing.  You seem to be taking it all in very well.  You are learning a new set of skills that will benefit you for the rest of your life.  There will be struggle, there will be prosperity.

Why can't you refi for 3 years?

 I got a healthy neighborhood loan.  3% down/ower occupancy/no pmi with renovation wrapped in conventional loan. One of the requirements is no refi for 3 yrs.

http://www.healthyneighborhoods.org/buyandrenovate...

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