Under contract but regretting! – please help

Hi everyone. My husband and I have been saving for the past 3 years for a downpayment for our first home. We live in Los Angeles and that would be pretty much impossible probably in the next 10 years. So since we have family in Saint louis we thought we could invest in our first investment property there. We put in an offer for an all remodeled and BEAUTIFUL 3 bed 2 bath. Literally perfect and for only 300k. We are self employed and got our loan through a bank statement program, which means our interest rate is high (7.3%). We are putting 25% down but I am so terrified that we won’t find anyone that would want to rent it. Our mortgage is going to be $1800 and we were hoping we could rent it for over 2.2k so that we could at least pay a management company. I don’t know what to do. I am so scared that we are putting a big portion of our savings into something that could be a failure. Please advise 🥺

submitted by /u/Remarkable_Mood_9687
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Hi everyone. My husband and I have been saving for the past 3 years for a downpayment for our first home. We live in Los Angeles and that would be pretty much impossible probably in the next 10 years. So since we have family in Saint louis we thought we could invest in our first investment property there. We put in an offer for an all remodeled and BEAUTIFUL 3 bed 2 bath. Literally perfect and for only 300k. We are self employed and got our loan through a bank statement program, which means our interest rate is high (7.3%). We are putting 25% down but I am so terrified that we won’t find anyone that would want to rent it. Our mortgage is going to be $1800 and we were hoping we could rent it for over 2.2k so that we could at least pay a management company. I don’t know what to do. I am so scared that we are putting a big portion of our savings into something that could be a failure. Please advise 🥺 submitted by /u/Remarkable_Mood_9687 [link] [comments]

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