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Updated about 8 years ago on . Most recent reply

User Stats

10
Posts
2
Votes
Johnathan Fremgen
  • Investor
  • Center Moriches, NY
2
Votes |
10
Posts

closing on a single family property

Johnathan Fremgen
  • Investor
  • Center Moriches, NY
Posted

Hey guys so I'm about to be closing on a single family property. Im going to use this property as a rental. Im on long island. Property is in Mastic Beach, its in a C neighborhood. Bought the house for 160k taxes are 7350. (high I know but thats long island for you) and rent is 1800, so I'm getting a little over that 1% rule. Im supposed to close but the tenants that are in the house as we speak are getting evicted. Everyone is telling me i should close. I think the mortgage guy and lawyers just want to get paid since its the end of the year. If i close and they ruin anything its all on me right? Its my first property so I don't want to get peer pressured into anything thats going to hurt me in the long run. Let me know what you guys think. Appreciate all the help!

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