We've closed! We're in! Let the fun begin!

Closed on the property ad we're in. Learned a couple things during this process. The first is that hard money really is that easy to get. You just have to make sure that you have a clear plan for the property and that the numbers make sense. The money was wired over to my attorney once the mortgage/note was completed. What I didn't expect was to sign a personal guarantee. Because I formed an LLC, the hard money lender required a personal guarantee on the property, which I signed. The second thing that I realized is that these properties don't come with C of O's (Certificates of Occupancy). Which, I mean, I don't know why I was surprised about this - it's a foreclosure. It's just that if we want to turn this property into a rental, we're going to need one. Just another loop hole to jump through. 

We have our budget for each project and have hired a crew of three to complete them. We're expecting to do the following: New kitchen, two new bathrooms, new master suite (adding another bedroom), refinishing the floors, painting the interior/exterior, new roof and landscaping. 

Current time frame is unknown.