Do you think it's crazy to do this plan:
Purchase SFH property @ $1.55m in cash (I don't currently qualify for a loan - it would be my personal residence with 2 add'l rental units for income - or I could rent out all the units @ 6% roi (would be ~3% if I live in part of it)
I would have about $100k leftover in cash.
I owe $210-230k in taxes in april (long story)
I will need a loan for the taxes and hoping interest only loan for smaller initial payments with ability to pay down principal. I was not sure how much cash I should keep aside for savings as well as repair/vacancies, and how much I should put toward the tax dues.
My income is currently not stable. I make somewhere between $2-5k per month on avg, and the rental units income would be $3550 if I live in the other home, or would be about $7k-8k if I rented out the whole property.
Net cash flow per month @ $3550 with $3000 other income (avg) would be $700 (after all taxes & business + personal expenses)
Net cash flow per month @ $8000 with $5000 other income (avg) would be $5321 (after all taxes & business + personal expenses)
I am in escrow and am wondering if I should cancel. I really want to do it but I am scared.
Submitted September 16, 2020 at 08:54PM by dcab8 https://ift.tt/33Hl6KC
