SOS need first Investment Property Advice

[Emma Hopegood]

I have been eager to make my first real estate investment for about a year. I’ve read plenty of book, and it seems like the last thing to do, is to just do it. 

I moved to NYC last September and started working and living with a wealthy family, I get paid a salary and was able to save enough money for a down payment on an investment property. 

Of course, I can not afford anything in the city right now, so I put an offer in on a turn key unit in Florida. I used to live there and know the area. 

We are under contract now, but I am worried about a recession, and loosing money. Is this a legitimate concern? Are tenants allowed to not pay, or in other words, not be evicted for non payment? Will there be a recession soon that will tank real estate prices? 

The Purchase price of the unit was $185,000, I knew it was over priced and worth about $170,000-$175,000. We countered back and forth and I accepted $175,000 with $2500/$5500 towards closing costs.

I am in the process of getting a check to the title company and setting up an inspection. There are tenants in the unit until August 1st. They may or may not renew but are paying $1400/mo. With HOA, principal, insurance, everything factored in the total monthly is $1342.

Please advise,

Sincerely,

An eager, young, first time investor, in the middle of a global pandemic