Just closed on my first deal!
I just closed on my first deal. It is a townhouse, should cashflow about $300/month. There is a lot to closing on a property! I purchased my home 20 years ago, so forgot how involved it is. The bank wants everything except your first born - I guess this is as a result of the 2008 fiasco. A couple things I learned: the title company said they prefer a wire transfer for down payment. The bank charges $25 for this. The title co. would have accepted a cashier's check which would have costed $6. Minor thing, but will know for the next one. We went to the property for the final walk through and I asked the realtor why the lights weren't turning on. You have to transfer utilities to your name!! Newbie mistakes. I also didn't factor in costs for hooking up utilities, they are not cheap. I opted for title insurance, which wasn't originally included in the closing cost quote but was afraid not to have it. Does anyone have thoughts on owner's title insurance? Overall, it went great and the best thing of all was immediately after the closing my husband said, "time to start looking for the next one" He is finally into this! My response was, "I already have"
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Congratulations on your deal.
Yes It is recommended you get tittle insurance. Title insurance is not very expensive. I have done a lot of deals and never had to make a claim. But title issues do come up. For such a big purchase it seem silly to get cheap on such a small cost.