Hello from PA

[Michael Shadow]

I've been here for some time now and I am finally getting around to closing my first deal. I've been researching REI off and on for the past 3 years now and seriously (like at least an hour every day) for the past 6 months. We want to buy and hold small multi unit properties and do some wholesaling in between the multis for some quick cash and to help with the debt ratio on the multis.

My wife (30) and I (33) have run quick numbers on hundreds of MLS listings and gone to look at somewhere in the neighborhood of 40-50 of them. We made offers on about 6 or 7 multis and have had many of them flat out refused. We have mostly been looking in a town about 50 miles from our house because the area we live in is an appreciation only area. What I mean by that is almost nothing in this area cash flows until you put at least 30% down.

Well about two weeks ago we found a duplex 2 miles from our house that would cash flow. We set the closing for 20 days from that original contract date and we're sticking to it. We just finally got the negotiations finalized and had 10 days to close after the final contract was signed.

Well amazingly we are still on track for our closing this Friday. I feel like I don't have anything to do for these last 3 days. I spent probably two days working on my lease agreement and I have it finalized to where I want it to be. Just have to run it past my attorney.

I was a little scared about doing a 20 day closing for my first deal but it turned out to be plenty of time to get everything done and the sellers even stalled for a week with out getting back to me with one of my counter offers.

I still have 3 properties that are a possibility in the town 50 miles from my place but I think I might try and wholesale one of them once I get everything settled in the property I am currently buying. I have about 2 weeks worth of work I am planning on doing in it and I want to get tenants in it Sept 1st. I already have the one unit rented out, I was telling someone I knew that I had the place under contract and was going to be buying it and he asked me about it, looked at the listing to see the pics of the inside and did a drive by and said he'd take it. Imagine that I have new tenant for the prop before I even bought it.

So now I have to wait until close so I can send in the paperwork to AOA Tenant Screening Company (anybody ever use these people?). I hope they're quick at getting me inspected and approved so I can start running checks by Sept 1st.

Well that's a little about me and where we're at with our process.