As of yesterday we are officially under contract for our first real estate investment purchase. I could not be more excited and nervous at the same time. It is an entirely different feeling from when we were purchasing our first home for our primary residences, and that was a more expensive purchase.
To make an odd point about why we are not investing close to where we live. The cost of our 3 bedroom, 1.5 bath house here on the east coast is more than the cost of a 15 unit apartment complex in Dallas. Crazy but true. You need to already be wealthy in order to invest anywhere within driving distance of where I am now.
The next step for us is to find a property inspector. I spoke to two of them today, and it is going to cost us between $1200 to $1800. I just need to coordinate the times with the realtor and property managers. According to the contract, we have 28 days to back out of the contract for any reason that we find upon further inspection of the property and the paperwork associated with the deal. So we are trying to get it all done soon.
I also spent the day on the phone with a few mortgage people starting to rate shop. The mortgage is going to be the largest expense so I want to make sure that we get a good deal.
So much work, so little time.
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