Looking at this whole journey of acquiring My Second Property, here's the simplified summary of it all:
1. Built connections in Indianapolis that would assist in finding future deals
2. Got pre-approved for financing
3. Started funneling in leads
4. Got a couple intriguing property leads from a turnkey company. Wasn't completely sold on them.
5. Decided to open up and look at other lead sources and reached out to an agent
6. Got a VERY intriguing lead that best fit my investing criteria
7. Got the property under contract after negotiating the sale price to my max budget
8. After reviewing the inspection report, negotiated the sale price down to $86,000
And, now we're here.
All systems are a GO. We're on the home stretch.
My lender asks me for a few more things:
-Complete a Credit Card Authorization form - to pay for the appraisal
-Provide contact info for my insurance agent
-Send over January and February checking account statements
-Send over my last two pay stubs, my 2017 W2s, and information on my work history
A couple days prior to the closing date (3/14), I receive the settlement statement from the Title company. The settlement statement is basically a rundown of exactly what I owe to the seller...it includes all the various fees and expenses.
Total money out of my pocket for this deal?
And the final step?
I had a mobile notary meet me at my office to sign the 111 page closing documents. All in all, the signing took about 30 minutes as I reviewed every document (read everything!!) and followed the direction of the notary. Man...my signature is seriously just a scribble now hahah!
And with that, I closed on My Second Property.
I'm excited for the future! After living through the ups and downs of My First Property, I learned a TON through first-hand experiences. Now with an adjusted strategy, I can't wait to see how this investment plays out. Next up: let's get this thing rented!