Good Buy? Getting Cold Feet!
Hi All,
I am new to RE investing. We recently moved out of our first home in Lehi and bought two new properties in American Fork. One home is our primary residence (that we already live in) and the other is our first rental property that we are set to close on at the end of this month (it's a new build that we designed). The closer I get to closing, the more nervous I get.
Being a brand new home, I don't expect to have issues finding renters or having many expenses, but after setting aside ~$150/month for expenses/repairs/rainy day, I am really only banking on appreciation and mortgage pay-down. Is this a stupid plan? I always read on BP about how people are cash flowing crazy amounts, but I just don't see how you do that in Utah unless you are putting 50% down or have the right network to find under-market buys.
This is all part of a passive, long-term retirement strategy, but I only had to put a small amount down, so I can still technically back out up until closing for a relatively small loss. Thoughts?