How long does it typically take to find and close on a property?

[Alexia Ward]

Hello BP friends! I plan to invest in my first property by the time my current lease is up in July 2021. I want to house hack while in graduate school, to cut cost and begin earning passive income. 

I wanted to ask you experienced investors how long it typically takes to find a good deal and close on a property? This way I can plan to make arrangements with real estate agents and loan officers in advance.

[Lee Schreck]

@Alexia Ward

Call your local bank's mortgage department. Ask them what the current timeframe is to close.

Every area is different. Depends on the demand and how busy the banks, appraisers, title companies are.

I was just in contract with a 30 day close. After 2 extensions by the bank we finally closed at 45 days.

Hope this helps.