Rental Property Investor · Erie, PA · Member since 2015 · 1k+ posts · 2k+ votes
7y
Hello. I wasn't nervous. I was excited! The numbers were great.
Though if this is your first deal definitely ask your lawyer and/or realtor if there's anything that needs considered prior to closing. If they have no clue what you're asking....
For example... if the seller has promised to do some repairs prior to closing MAKE CERTAIN you walk the property after the repairs are supposedly done so you can make certain they were done.
On my first deal noone told me this and a few jobs weren't done (windows needed caulked, front rail needed secured, and the two vacant units were not 'broom ready').
After closing when I realized there was work that wasn't done I was out of luck according to my RE lawyer.
And so I tell people: walk the property prior to closing!
Another time, we're at the closing and it becomes apparent my lawyer (a different RE attorney this time) failed to check and see if there was a security deposit.
The seller's attorney didn't know (the seller wasn't at the closing). Turns out there was no security deposit. Argh.
Real Estate Broker · Bay Area · Member since 2018 · 1k+ posts · 3k+ votes
7y
Its excitement and nerves. All part of the game. The nerves go away once you complete your first investment and you have proof in your mind that you can do it. Having cash on the side as reserves will also make the nerves go away.