Lost in the sauce! Ready to become an REI

[Daniel Winters]

I’m due to retire in 18 months. I have the opportunity to buy a fully rented unit with 4 three bedroom apartments in it which is fully rented to for a total of $9800 per month in rental income. The mortgage including taxes, P & I, and homeowners insurance for this property is $3800 monthly for 30 years. The problem is that the 20% down and closing cost would deplete all of my cash of $200,000.(If I give full asking price)  I have no bills except for my own personal mortgage of $3400/month and utility bills. My net income is $11,000/month. I have never invested in real estate before. Is it inadvisable for me to deplete all of my cash to purchase this investment property?