So it's a little more than 45 days for all 4 properties. When all said and done, we're looking at ~3 months. 3 of the properties were purchased before Christmas and the last one is taking a little while longer. We're only a few days out to close. Everything is finally done and we just need to actually close.
This brings me to the part of the funny appraisal. The appraisal for this last property came back about 15% less than where it should have. It was really bad, just laughable. I won't mention specifics as this is a public blog and I don't believe in publicly shaming anyone. The comps used were awful. Keep in mind, I'm the buyer. A lower appraisal is in my benefit, but neither I nor the bank believed the appraisal was valid. It was so bad, I'm pretty sure the bank will be having the appraiser taken off the list. For those of you confused....while the bank can't determine who gets what property they can have appraisers removed from the list so they don't get any future appraisals. I don't want this appraiser getting my property when I do become the seller, so I hope the bank gets this person removed. The bank essentially through the appraisal out and said they'd loan me on a higher number without making me pay the difference. The seller and I came to an agreement on a number that the bank agreed on as well. It's actually the first time I've ever experienced a bad appraisal like that ad the bank lending on a number higher than the appraisal. I'm sure I'll have many more firsts as we go throughout my career but this one was just interesting.
Our plans now are to get all of our properties rented. Only 6 of the 9 are rented. Once all 9 are rented, we'll go back down the path of getting more properties. 2 of the 3 are the 2 newest ones we just purchased. We have 1 property where a tenant (our longest one) just moved out. We're hoping by March 1st, we'll have them all rented. Once that happens, we'll do another valuation and see where we are on cash and potential revenue and make a determination on what to do with the rest of 2015.
