It was on Tuesday, May 20, 2014 that we went to the notary for the signing of the deed of sale for our first rental investment. After several months of dealing with this file, my wife and I are officially owners of a rental property ! It is with satisfaction and a smile that we have finally taken this step, after the adventures of the past few months…
In 2014, we decided to take the plunge: one of our objectives for the year will be to get into real estate investment ! We are slightly over 30, launching now seems appropriate to us: the project will be easier to carry out and follow now than when we are 20 or 30 years older!
Between searches on the internet, phone calls and visits, the first months of the year are busy. We believe for the first time to have found the rare pearl, but a bad surprise invites us to pass our turn. But we do not stop there and identify several properties that may interest us. The days and weeks pass, the visits continue. At the same time, the calculator becomes a full-time work tool, or almost 🙂: between profitability, credit and cash flow , the numbers jostle in our heads and become our best friends.
Finally, we unearth our rare pearl, an apartment building that meets the requirements we have set ourselves. At the end of February, the first official step materializes: go to the real estate agency with the seller to sign the sales agreement together. I don’t remember having signed or initialed so many documents in a single day! 🙂
But the real estate deed of sale is not yet for now, we still have to wait.
Second equally important step before signing the deed of sale, find a mortgage! And it was not an easy task to negotiate our future mortgage well : brokers, banks, IRA and insurance delegation are then our daily life. For several more weeks, we had to juggle between appointments and telephone interviews. I invite you to read the following 3 articles, in order, to get an idea of our banking journey:
We are almost there, all that remains is to schedule the meeting with the notary to finally sign the real estate deed of sale.
This week, my wife and I went to the notarial office. It’s done: after a new volley of signatures and initials, we have become landlords of a beautiful apartment building made up of 3 apartments! For the most curious, the figures for this first real estate investment were presented recently on the blog.
It was not easy, but it is already a great satisfaction: several weeks, often endless as I had been able to read on the left and on the right, of various and varied approaches which are completed and materialized. The experience has already been very enriching : our knowledge in the field is well developed, it is already a very good progress. Our first exchanges as new owners with the tenants in place are imminent, the adventure has only just begun…
And you, have you ever had the opportunity to sign a real estate deed of sale? Were you happy or anxious about this change?
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