Difficult decisions at the intersection of REI and Covid-19
After YEARS of analysis paralysis regarding rent and hold (with BRRRR in mind) my wife and I finally have plans to close this week or early next. 3/2 SFR. Every penny towards our down payment and all estimated rehab costs represents a choice to not eat dinner at a restaurant, not buy our kids the item at the top of their Christmas list, etc. At the end, if we were able to rent it out within two months of finishing rehab we'd be left with next to no money in the bank. However, we were conservatively set to clear $400 per month.
All was moving smoothly when the world got hit with this new reality. This morning my wife woke up suggested we cut our losses and let this one go until things start to look normal again. Financially, our losses refer to $5k earnest money and hours of relationship building with various parties involved (loan officer, RE agents on both sides of the deal, seller). It pains me to think of letting this go.
Anyone else out there weighing difficult decisions? I'd welcome feedback and perspective during this time of great need for connection.