I need advice. I am working on my first RE deal that happens to also be out of state. I need someone (or a few people) to talk it through with.
Numbers-
purchase price 50k (appraised at 52k)
Interest rate 5%
Insurance under $600/year
Maintenance, vacancy and PM all budgeted at 10% of gross monthly rents each
Currently renting for $775/month
COC calculated at around 16%
Total sum invested into this deal-2k so far
I am getting cold feet as the closing date approaches. I am concerned about the added complexity (mostly taxes and finding the next deal) to my life as well as the risks involved with RE (major expenses, lawsuits, PM not working out ect...) I am considering walking away. I need advice, thanks.