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Updated over 5 years ago on . Most recent reply

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Dina McFly
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First time SFP in Indiana

Dina McFly
Posted

Hi everyone,
I am new to investing and have been looking into buying a turnkey single family property this year as a long term rental. I found one in Indiana, and am in escrow for a while now. After quite some delay the appraisal will happen early next week. The house is recently fully renovated and the property manager already found tenants who will move in on April 1st. Both tenants work, but I don't know if they will be able to keep working during the pandemic. I'm worried about two things: 
1) the tenants not being able to pay the rent for a while; 
2) the uncertainty of the value of the housing market. 

I have a fulltime job, which I can do from home, but my husband will loose his job in two weeks and his employer has a hiring stop, so our income will likely decrease in the next few months. We can live on just my salary and also have an emergency fund that will last us for about 6 months if we would both loose our jobs.

Would you advise to continue with buying this property, should I try to negotiate the price down due to the uncertain situation, or should I totally back out and take my escrow losses and look again when things settle down?

Thanks!
Dina

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