I know you guys may be wondering what is going on with my potential investment property purchase. Guess what? So am I. If you have a lack of patience like me, this is very frustrating.
Here's what has happened so far:
- Offer submitted on Thursday 2/6/09. Was advised would hear back within 24-48 hours.
- Heard from my real estate agent on Monday 2/10/2009. Multiple offer situation. Need to submit my best (highest) offer.
- Countered with a full price offer; no closing costs or carpet allowance.
- Heard from my real estate agent on Tuesday advising all of the offers should have been in by noon. Bank will review offers and I should know something by later today.
Do you finance your investments or pay cash? How many investment properties do you have and are you making money on them?
I only have one investment property at the moment and my primary residence. My current investment property and my primary residence are financed. I plan to pay cash for this property. I am making a small profit from my current rental property.
What's your emergency fund goal with all these properties?
I am still working towards my $50,000 savings challenge.
Do you still pay the standard commission?
With a purchase, the commissions are usually paid by the buyer. Regardless of the price of the property, I will still pay the same commission.
I'll keep you updated on what happens. If I get it, I will be pretty happy. If I don't get it, I'll know it wasn't meant to be and I'll move on to the next one. I already have a potential backup in case I don't get it. It's a little more expensive and not as good of a deal as this property.
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