To Buy or Not to Buy

[Pat Muller]

I live in a HCOL area and there is a small two-family that is currently available to me for short period and I was in the market for a multi as my first purchase when COVID hit and the market went down the tubes. However, it is slightly out of my budget, like I would have to rely on the rental income to comfortably make the payments considering the payment and property taxes are about 80% of my income, although luckily I have a place to stay rent free if I had to rent out both. As stated it is a HCOL area in the north east and getting a tenant shouldn't be a problem and market rent would be about the mortgage payment + taxes, in fact they Air BnB'd it out this entire month since their buyer fell through. Nevertheless, even though I have a healthy E-Fund, I don't like the idea of having to rely on a tenant and/or tap into my savings whenever I do not have one, but I may not get this opportunity again, so I am really struggling as to whether I should take this risk.
Any insight of course, is greatly appreciated.

[Bruce Woodruff]

Appreciate the enthusiasm and willingness to take a risk on...that's what makes us all root for each other...

But if you are stretched that tight, I'd say wait. This market insanity will at least slow down and you will have a shot at something just as good for less $$....