What would you do. Have a deal in the Charleston, SC tricounty area that i'm about to sign a contract for but not sure due to the epidemic we have on hand. We have time to see market due to a long close but i'm wondering if it's best to just walk and save the $500 earnest money and hunker down for a few months instead. Facts below:
-3.5 month close to season downpayment fund source i will be using
-$500 earnest money deposit
-Current Valuation: $180,000
-Sale Price: $170,000
-Tentants in place, rented at $1290/mo
-historical 1% vacancy
If it's a good deal, I would still invest. Tough times do not last forever but good, profitable deals aren't always around. Stay safe and healthy.
I think you’re good with tenant in place in this market. Don’t know the property, but with rent at $1295 expect it will stay rented.
Is $170K for a property that rents for $1,290 considered a good deal in your market? I wouldn't have bought that in San Antonio before Coronapocalypse. I guess if you have a low property tax rate, it might work better there. When you were first looking at this deal, what was your expected rent growth and appreciation rate? What's the supply like in your market? When we get past this, and we will, you would expect that markets with tight supply and strong growth would be the first to get back to business as usual.