I bought a condo in a good neighborhood as an investment property. Purchase price was $275k current value is $295k. I've owned this unit for 3 years. Should i sell this condo (which wont break even on rent until 2011) or should i pay down the principal so that i break even every month on this rental? Thank you
2007-01-20 15:45:07 · 5 answers · asked by RM 1 in Business & Finance ➔ Renting & Real Estate
Real estate has its ups and downs. But in the long run, real estate always appreciates. You can't go wrong! So hold on or sell. Either way you should benefit.
2007-01-20 15:54:09 · answer #1 · answered by huckleberry 5 · 0⤊ 0⤋
Condos are always a sketchy investment. You are averaging ~6.5% annually, which is reasonable, but if there is a downward turn in the market or if it becomes a buyer's market you will be unhappy, particularly if you put out more cash.
Buy and hold strategies work better with multi-unit structures or single-family homes.
2007-01-20 17:50:29 · answer #2 · answered by LadyB!™ 4 · 0⤊ 0⤋
the customary 2 motor vehicle storage is 4 hundred squareft, and not inevitably Ocean front sources. 232 squareft is merely 12 ft x 17ft-10 inches. For that cost, i could wish that the 232 squareft is a custom Yacht. make investments someplace else.
2016-11-25 23:18:57 · answer #3 · answered by ? 4 · 0⤊ 0⤋
Real estate is not selling too good today. So if you can get rid of it, I would before things get worse, and they are suppose to get worse before better. Sell
2007-01-20 15:48:44 · answer #4 · answered by ruth4526 7 · 0⤊ 0⤋
$20K increase in 3 years? Sell it. Dismal return.
2007-01-20 15:52:26 · answer #5 · answered by Anonymous · 0⤊ 0⤋