Updated over 5 years ago on . Most recent reply
Backing out of a real estate deal
Need some help/advice. Im under contract to buy my first rental property. It’s a duplex monthly total rents are $1250. Insurance/taxes $150 vacancy (10%) $125,
Maintenance (10%) $125
water/sewer $100
Prop manager (10%) $125
Loan payment $400
Cash flow about 15% ROI or $225.
what I didn’t factor in was the cost of capital expenditures... which I estimate now to be about $200. Leaves me with only $25 of cash flow. What should I do? Should I just walk away and lose my $1,000 of earnest money? I still have a finance contingency left... Thanks for help in advance