Pep talk
I just got a verbal agreement on two properties with 5 active units and a potential 7 more.
Property one is a 4 unit multi-family that earns ~2600/ mo.
Property is currently zoned as business and has 1 unit rented that will cover the mortgage. However it has 7 one bedroom rentals in the back, a few which need to be rehabbed. The rub on this one is that in order rent the 1 bedrooms the property has to be rezoned to residential. The gamble I'm taking here is that I can get the property rezoned. The city has encouraged the current owner to put forth an application, but there are no assurances that the rezoning will be approved. The area is really good for residential rental, but commercial rentals in the area has not been the best.
Essentially I got the two properties privately financed as a package. I'm hedging the guaranteed earner against the rezoning. I'm head strong on this deal, but the numbers look good. I figure like Grant Cordone says, "you want new problems".
Now that I'm locked in my adrenaline has worn off and my nerves are getting the best of me. Someone please give me a pep talk.