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Updated over 2 years ago,
Needing some expert advice please!
In December of 2021 I bought a 6 plex with a 5/1Arm loan. Went 15% down on the 150k loan. Now with these interest rates rising I am getting a bit worried how it will all go after my 5 years are up. I know that I should have done my homework better but I am learning and that can cost you dearly I guess. What are my options?
Just trust that in 5 years the rates will be ok?
Sell now before its to late?
Wait and see what rates do and try to sell later? If so will there be buyers if rates are high?
I just don't see it being a possibility to pay the loan of in the 5 years and yes I am a beginner and this is quite humiliating to admit just how unlearned I went into this but I trust you guys can give me some good direction... Thanks for your help.