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help me decide on Condo!!
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MrsR
My love.
Member since 5/05 6247 total posts
Name:
Jennifer
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help me decide on Condo!!
My DH and I own a few investment properties. Recently we started looking for another one.
I found one in Long beach last week...they accepted our offer...great. Then two days later they decided to accept someone elses offer. Fine - it is not emotional - its an investment and what is meant to be will be. So I let it go.
Well today I got a call from the broker that they want to accept our offer - the other deal fell through.
I am unsure now what to do. It is a good property - great location - very rentable apt. BUT we would be closing probably in the same week I am due to have my baby - little stressful - but I can handle it. The apt needs a little bit of work - but nothing major.
The biggest risk is that if we dont rent it right away it is going to cost us quite a bit out of pocket - and with Long Beach, apt's rent much quicker in the nice weather...we would be closing around sept. 1 - so there is some pressure there.
The rent comes VERY close to covering our expenses - but not totally. I am willing to do that beause I have some positive cash flow coming in from my other places...so I can cover the difference.
Plus I am hoping to build equity in the apt. itself. I do know someone who bought there three years ago for almost half what we would be paying....
Any advice???
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Posted 6/20/05 3:13 PM  |
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lorimarie
AHHHHHHHHHH!!!!!!!!!!!
Member since 5/05 3753 total posts
Name:
Lori
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Re: help me decide on Condo!!
From what I hear Long Beach is getting to be more and more desireable (I love it there!) and I don't think you'll have any problem renting it no matter what time of year. You could always place an ad and say available October 1 this way you have a month to have the baby, get the apt. settled and ready.
From your post it sounds like you are leaning more towards taking it so here is a little push 
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| Posted 6/20/05 3:20 PM |
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ggt08
;)
Member since 5/05 5208 total posts
Name:
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Re: help me decide on Condo!!
Posted by lorimarie
From what I hear Long Beach is getting to be more and more desireable (I love it there!) and I don't think you'll have any problem renting it no matter what time of year. You could always place an ad and say available October 1 this way you have a month to have the baby, get the apt. settled and ready.
From your post it sounds like you are leaning more towards taking it so here is a little push
My brother in law is a real eastate agent down her ein LB and although renters are still here, it slowly is decreasing, expecially in the winter. more people are buying now rather than renting. Summer time is different because you have the summer renters but it varies down here...
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| Posted 6/20/05 5:09 PM |
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