About to close on our second investment property

[Armando Carrera]

Hi everyone, 

My wife and I are two weeks away from closing on our second investment property in the Phoenix area. It may or may not be the best time to purchase due to rates and high prices. But since we both have decent W2 jobs we decided to take the plunge. We are in it for the long game, so we felt it was right for us. 

Putting 20% down really puts a dent on our liquid money but better (we think) than it just losing value in the bank. 

Just for reference, our interest rate is 7.2% with an all-in mortgage (PITI) of $2,040. We will be doing a long-term rental for $2,400/month. We're extremely excited to grow our portfolio!

Thanks to everyone on these forums for giving us courage and insight.

[Armando Carrera]

Quote from @Nicholas L.:

@Armando Carrera

congrats. just remember though that there are lots of expenses on top of PITI. are you self managing this property or hiring a PM?

 Hi Nick!

Thank you, we are self-managing the property. We've had our other one for over 7 years and luckily no tenant issues etc. minor handyman things my wife and I typically take care of it.