Tomorrow morning I will FINALLY close on Rental Property #7. I say finally because I began the hunt for this property nearly a year ago, and it was originally slated to close in September. With my job loss, I ran into some hurdles with financing the property.
A huge burden will be lifted when I hand over the keys to my tenants. I started looking for this house nearly a year ago, and it was originally scheduled to close in September. My job loss messed up the financing. However, I made a commitment, and I keep my commitments, job loss be damned. These tenants happen to be my best friends, and they've been renting a townhouse from me for over three years.
Most likely this will be the last rental property I purchase for some time. Without a more predictable, employer-originated income, banks balk at lending money these days! I do look forward to having a clearer picture of my finances.
So, beginning with November I can take a real assessment of my debt level and create an attack plan to pay it down.