I have more than enough money in a retirement fund to purchase a Condo to use and my first rental. The unit is owned by a bank. Asking price is much lower than Zillow's zestimate. Should I take 40% of my retirement fund to purchase this property? I believe that I can recoup the money from 6 years of collecting rent. What are your thoughts?
@Vernon Powe Welcome to BP, there is alot of great information on here just jump in and start reading... also set up your key word alerts!
As to your question it seems like there is some information missing that will need to be answered by you.... Is this a risk tolerance that you can handle? Are you asking if this is a good deal for you? (cause there isn't someone on here that could answer that honestly) Are you seriously going to make your first rental investment based on a Zestimate? If the market changes at all in the next 6 years will you be able to sell and recoup your entire retirement investment?
We appreciate your service and I think its great that you want to use your hard earned money to invest in real estate and if thats what you do I hope it works out great for you. This may be a good deal but I think there are a bunch of other questions you need to know the answer to before you find out if this is a good deal for you.
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