So my home inspector called me the morning of the inspection to tell me that yes, the listing agent did have the utilities turned on and he was at the water meter ready to go…but there is a dead bolt on the water meter. He can’t get in to turn the water on to test. It’s 8:30 am and I’m sitting at the kitchen table catching up on email while the kids finish breakfast. AAAAGGGGHHHHHHH! We’re up and running now, on our way to Lowe’s to purchase BOLT CUTTERS. We get the bolt cutters and run over to the home so my inspector can break in to the water meter. This was a definite first.
The inspection went well. Despite the less than stellar condition of the home, the major systems appear to be in decent working order and there is nothing that really jumps off the page. Hooray! We move forward and lock their rate with the lender. (By the way, investment properties require a minimum of 20% down and you really need to put down 25% to get a better rate/loan. The rates are in general higher than regular residential loans, too.) Next step is to get contractors in the house to quote on replacing flooring, painting walls, replacing some doors and hardware and installing a new dishwasher (the old dishwasher is disconnected and sitting in the middle of the breakfast area for some reason). I’m going to take some photos of the rooms as they are now to post in the next blog post and then show you the after in a few weeks. As of today, 6/29 we are closing at the end of this week. Oh, and good news today. The appraisal came in and before we even close my clients have already made a 12% profit. Awesome. More to come in a few days, hopefully to report that we have closed on this property!
