Nestegger

[MickeyFinn]

After too much paperwork I refi'd everything I own and am in escrow for an 8 unit apartment complex. It took everything in equity to make the 20% down so in essence I now own zero real estate. My argument (to myself) was that apartments in this part of the country are doing very well due to the credit crisis and floods of immigration taking place.

My question is this. Considering the 4.775% interest rate I took, current (and potentially future) administrations, economic outlook, and the dollar... Was it a good idea? I am feeling a twinge of buyer's remorse and it'd be a nightmare to back out now.

[Post]

Feh, I wrote this thing yesterday but I guess it didn't take. The abridged version: little risky putting all of your eggs in one basket, but overall, it's fine.

[MickeyFinn]

NNnnnngh. I realized this morning that the leases on the homes I own would not cover the mortgage should this complex not fill to half. Who needs a room for 600/mo? lol

[Noleader]

If you need to fill half the rooms at 600 a month to cover your costs, and you need the cash quickly, you might want to consider marking a bit below to market. Set the rent rates at 450 for the first 3 months or something so you fill up faster.

All in all it would seem like a great investment though since most people have zero savings so they can't get a house right now (even with lower home prices).

[MickeyFinn]

600's my minimum if it fills. Once I'm done getting it into shape the rooms in the area go for ~900 so I'll probably hire somebody to find tenants and give them a finder's fee

[]LoL[Harm]

Don't forget to use things like or ForRent.com. That's what I've used for over 10 years to find apartments.