When we closed on House #1 originally, we waited for an hour before we even got started (due to HUD closings being backed up for the day - and ours was the last). It also took us an hour to sign the paperwork and whatnot. This time, we only waited 10 minutes, and that was because the escrow officer was on the phone. Plus the whole ordeal only lasted about 30 minutes.
Seeing as how they made an error on the HUD-1 with our original closing, I went over it carefully this time for errors as well. Unfortunately, I didn't do a good enough job. When we got home, I was reviewing the paperwork again, and noticed they erroneously put the appraisal fee down when we had already paid for it back in July. So, I will need to call the title company today and get that mess straightened out. I still don't know how I missed that at closing. All the other stuff looked good, though.
So now we can skip a payment in Sep and make our first payment in Oct. Since it is a pay option ARM, our first payment is considerably less. Therefore, we won't really be paying full price on the loan until Nov. This will definately be good for our CF those months. The tenants are supposed to not only pay rent for Sep, but they also need to pay the 2nd half of the security deposit per our contract. So, for the months of Sep and Oct, we'll be cashflowing an average of $1,200/mo. Wish that were the case EVERY month, but I'll take it anyway. :-)
When I got to work this morning, I checked my personal email account and got an unexpected solicitation. Now that I've put my old RE agent on the backburner, I've been wondering how I would get another agent that would be a perfect fit for me. It turns out that maybe I don't have to search. It appears an agent is seeking ME out. In the email, the person says they have been a Realtor for one year and wants to get into investing. They saw my story on REIClub.com and live/work in the Austin metro area. I emailed them back saying I was looking for an agent and am always open to helping fellow investors out, and it'll be a win-win situation, and yada yada. Hopefully, I'll have an investor's agent in my pocket now. Time will tell.
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I know what you mean about the HUD statements. They're so complicated, it's easy to miss things. What I've taken to doing is looking at the final amount and judging whether it looks to be in the range I expected, then delving deeper.
This agent/investor sounds promising. Maybe you'd be interested in them as an investing partner? It might save you on commissions.
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