Bought New House In Developing Subdivision In SEP
I feel somewhat of a fool putting my excitement in finding a bank that will allow my husband and I to purchase this property through our sep(individual retirement plan) than having a level head and realizing we're going to have 20% or over $22,000 into this 1270 sq ft home. After signing the contract day before yesterday I started reading Conti & Finkel and some other articles. ("Cart before the horse".) I need some quick advise so we can cancel the deal if needed. Market is Boise, got the home about $8,000 under the same home developer is now building . Our son lives nearby but we reside in northern California. Priced out of the building market there. Needed to make more on our retirement money. We are 63 & 65 spending more than we thought in our later years. Rent is between $900 & $1050 in the local area. Counted 25 rentals just in this suburb with four "rent to owns." Seems like alot of investors are doing "rent to own." Again, should of done some homework. I would like to know if I do a lease option on this one is there just too much of our money in the deal? Any suggestions would be much appreciated.
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[ Edited by algloriay on Date 07/20/2003 ][ Edited by algloriay on Date 07/20/2003 ]
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