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Updated almost 5 years ago,

User Stats

35
Posts
36
Votes
Maryanne Cameron
  • Rental Property Investor
  • Finger Lakes, NY
36
Votes |
35
Posts

Closing on property 3/16 - should I walk or close?

Maryanne Cameron
  • Rental Property Investor
  • Finger Lakes, NY
Posted

I'm in the Finger Lakes region of New York (5 hours from NYC), reliant on tourism area and some manufacturing. I'm scheduled to sign paperwork on Monday to purchase the duplex. It'll be tight but I don't know if I'll end up with a job in 6-12 months. I'll start working my side hustles with urgency however, the virus and ensuing panic is now getting me worried I'll bite off more than I can chew. 

Numbers - Purchase price $165,000; 123,000 @ 5%; $42k cash from HELOC currently at 3.25 but variable.

Unit a - currently rented at $625 (650 was in all the info from owner but has been corrected at final close. Unit b - $1000-1200 anticipated.

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