I received a call from my cousin Ashley last night. Ashley is recently engaged to a super nice guy his name is Chris. They are both in the mid twenty’s and are planning their upcoming nuptials. Ashley is a Physical Trainer at the YMCA and Chris is an up and coming Golf Professional. They are going to have a wonderful life together.
Anyway Ashley is renting at Cypress Fairway in Orlando 32811, it’s between Universal Studios and Millenia Mall. It’s a Gated Community with nice amenities and a great location that’s very central to both their jobs. Well last night her landlord calls her and asks her if she and Chris would like to buy the Condo for $70,000. Excited at the possibility Ashley took down the information ended the call and started her due diligence. That’s right she called her cousin who is a Real Estate Broker and asked me to check out the values for the unit. Good Job Ashley!
The landlord is asking $70,000 for the unit. This morning as I am checking out the values I noticed the asking price is over the value by nine to ten thousand dollars. That’s ok I thought, because the price is always negotiable. But then I started to think that Ashley and Chris once married may outgrow this one bedroom one bathroom condo pretty fast. But on the other hand this may be a good investment for them and if they could live there for two years after they are married and allow the unit to appreciate they could actually make enough money from the unit to put a nice down payment on a home.
So the point of this Blog is to ask yourself these very questions when you are approached with buying your rental.
Rental versus Owning, well Yes owning will always come ahead because it’s more economical as well as a good investment. But…..what do you see in your future? Will the size of your rental accommodate your future needs? With a young couple like Ashley and Chris you never know once they are married if two becomes three. Just my thoughts and I hope this helps Ashley and Chris and maybe those that are reading this Blog today.
When you hire an agent ask them to show you their approval letters or some of their closed sales. You want to have an expert on your side. At Asset One Realty, Wendy and I have this knowledge and we have the documentation to back it up. Remember foreclosure is the last resort. Contact us at our Web Site or Short Sale Answers this site has videos of the 5 most asked questions regarding a short sale and video testimonials from our clients. Email us direct at firstname.lastname@example.org or email@example.com
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