Meggie, as like most things in life ask 25 people the same question, you can potentially get 25 different opinions. By looking through the responses most REIN™ members are long term investors, and would advise based upon long term economic fundamentals, and take a long term approach to your decision.
At the end of the day as the CEO of your life you will have to make the decision based upon what will get you closer to your goals.
A couple of questions you may want to ask yourself to get clarity
1) What are the consequences if you:
- Do close on the property?
- Don`t close on the property?
2) How will this effect you if you:
- Do close on the property?
- Don`t close on the property?
3) What are the unintended consequences if you:
- Do close on the property?
- Don`t close on the property?
4) Which decision will help you get closer to your goals?
If you do close on the property and decide to rent it out, make sure you analyze all your numbers, and how will this effect your financial picture? Future plans... i.e. will it hurt or will it help?
Which ever decision you make, it is important that you get informed, educated and supported in your decisions.
The following links may help
This one is a post on renting out
Click here to read the post
this is the full discussion thread
Click here to read the thread
Sorry to end this note with a quote from Kenny Rogers in the Gambler, but when you speculate and market time on Pre-builds you are playing the role of The Gambler.
" `Cause ev`ry gambler knows that the secret to survival,
Is knowin` what to throw away and knowin` what to keep."
...
"You got to know when to hold `em; know when to fold `em.
Know when to walk away; know when to run.
You never count your money while you`re sittin` at the table.
There`ll be time enough for countin` when the dealin`s done."
I *bet* for the future you will take many lessons away from this deal, and whatever decision you make, make sure you surround yourself with like minded people that will help educate and support you in your decisions...
