Need Advice On Pre-Construction

Hello,
First timer here looking for some advice on my first investment property. I purchased a pre-construction condo(1br/1bth) in Downtown Miami for $156,240, so far I have put down 10% and the seller is asking for another 5% about half way through construction. The building is set to be completed by NOV'04, and as of right now the starting price for a 1br in the same building is $188,000. What should I do? Can I sell before closing? can I sell before the aditional 5% down payment? Should I hold on and sell a few years down the line and rent in the mean time? Any advice here would be greatly apreciated?

Thanks,
MIANJ cool smile

Comments(1)

  • tdelo566th August, 2003

    In my area condo's were being offered for 90k and were being sold for 140k before they were even finished! So you can either sell now for a higher price or if you want to make more money, just wait..

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