Buy or wait in today’s market

[Lucy Smi]

We found a 2-unit student rental property for $300k near a college in a B- class neighborhood. After two rounds of negotiations, we will give a final offer of $285k. Rental income is $2500/m total. One unit is rented out until next January and the second unit is empty.

Should wait or back out now that we are likely heading into a RE correction or crash? Your thoughts?

[Jonathan Greene]

I don't think it's a great time for first-time investors to commit to a deal as they will likely panic for months about it causing strain on their pockets and mental and physical health. Now is not a great time to buy for anyone. You have to be ok with an uncertain landscape and have plenty of reserves to opt-in right now. The deal doesn't sound so great as to commit when you have a nagging sense telling you not to.