Remember my post about Our First Fourplex House?
I thought that the deal’s gonna close during the first week of August but something went wrong. The fourplex’s appraisal price was almost $33,000 less than our purchase price. Even though the seller was willing to decrease it’s price by $10,000 more, we decided to just let go of the property.
Location-wise, it was a very good investment property because it’s very near the Las Vegas strip. The problem is that it’s almost five decades old. Even though the house was newly renovated and structurally sound, it adversely affected its appraisal price.
I guess the lesson learned is not to announce any deals that we do until it’s final and executory. Do you agree?
My! I was really excited to decorate the units. I was already thinking of putting some kitchen curtains or blinds in the units on the second floor. I know it’s the tenants job to decorate their units so maybe I’m just thinking ahead to the time when we’re gonna occupy the property for at least a year (as a requirement of the loan).