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.
There were couple of questions in the comments section of the original post. Instead of replying to each of them, I'd thought I'd answer them in this post.

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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  1. frugalCPA // February 11, 2009 at 11:41 AM  

    Exciting stuff. You're daring (and smart?) to be investing in real estate right now.

  2. Jennifer // February 12, 2009 at 6:17 PM  

    We've been house hunting here in Vegas where the market is phenomenal for home buyers. Unfortunately, we haven't had any luck. Every property we put bids on, we end up in a bidding war with someone out-bidding us on the property.

    It's rough. Good luck to you.

  3. Jojoeland Admin // February 13, 2009 at 2:13 AM  

    Take advantage of recession. or better by mid of this year RECESSION to CRISIS.

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