Why I Am Not Sure About Owning Rental Properties Anymore

We are literally days away from the closing and I am still on the phone every day, having to deal with my mortgage broker. As I mentioned in my previous post, the mortgage approval process has been an absolute nightmare. I tried to be nice by not mentioning which “Big Bank” I was going through but, at this point I will just share it with the readers: my nightmarish experiences are all with Chase.

At this moment I am thisclose to just walking away from the property because if Chase is putting me through this much problems, I would rather walk away than to give them money. Yesterday we should have had answers but we find out today that they “hope to get a response” by tomorrow? Response? Tomorrow is the friggin mortgage approval deadline!!!

All this is making me realize, maybe rental property portfolio isn’t for me. If you can get something in foreclosure and can pay cash, great. But if financing is involved, it is getting way too stressful to do this every 2 years. I love the idea of having passive income but there is nothing truly “passive” about this.


5 responses to “Why I Am Not Sure About Owning Rental Properties Anymore

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  2. I had the same experience with Bank of America. They missed my closing date by over a week. I paid the seller of my condo rent for the week we were late to close so that I could retain my original move-in date.

  3. I had the same problem when I purchased my condo three years ago using Bank of America. I missed my closing date by a week – even though they had my mortgage application for way longer than most people. We all showed up for the closing and frantically called BOA trying to help them move things along. Luckily, the seller of my condo let me pay rent to him for the week that I was late so that I could move-in on my original closing date.

  4. That is such a smart idea re: renting from the previous owner! We could have totally done this if we had thought of it (he had let us know he had to put his stuff in storage). Thanks for your comment and I will definitely keep renting from the owners in mind next time we have a situation like this.

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