Finally! Got closed on my second deal!

[Travis Beehler]

Hey all!

I've been in the middle of a 4 SFH deal for months now, dealing with multiple banks, more crap than I care to remember, etc, etc. I cared about this deal because after it's all said and done, for my $32,000 + closing costs, I'll be earning around $1,700 per month net. I currently own 2 rentals (Sold one a few weeks ago to pay for this deal), and this was going to be my "catalyst" deal. At the moment, I'm earning around $500 a month net across both rentals I currently own. Respectable numbers by any measurement. If I had rolled my profits into another downpayment for my next place, it was going to take me quite a while (more than a year, not quite 2).

This deal brings my total net profits to around $2,200 per month, dropping my projected income replacement day by almost 2 full years!

This journey has been VERY trying at times.

My first commercial bank got bought out and would no longer loan to out of state investors.

My second bank wanted 25% down, plus 6 months worth of reserves for the properties, plus 6 months worth of reserves for my other properties, plus 6 months worth of reserves for my primary residence (even though it was a commercial loan), plus 6 months worth of my credit card payments, plus the tax returns of the seller, plus the lease agreements with the current tenants.

A third broker I was dealing with didn't understand for some reason I wanted it to be a commercial loan even though I repeatedly told him so.

A fourth banker finally got it, was responsive, and reasonable. They are the bank I'm using.

Finally got paperwork in today, signed, notarized, and sent off to FedEx about 2 hours ago.  As of tomorrow, this deal is done, closed, and I get my first rent payment on Saturday.  The houses are fully occupied.

So, all in all, it sucked at times, but with perseverance, it'll be worth it!