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Updated almost 5 years ago on .

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6
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Miguel P. Pena
0
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6
Posts

Sell and buy property during pandemic

Miguel P. Pena
Posted

My situation: I currently live in Bolivia. My mother and I are planning to sell a property. One seller has offered $170,000. According to architects in the area, the value of the property could be worth $240,000 max. Currently, the Bolivian economy is unstable and I'm not sure what will happen in the upcoming months. Many questions have come to mind. I would like to start building wealth and see my mother financially stable in her 60's. A 4-unit apartment would be ideal although they well over $750,000 where I live and Baltimore is not an option. Not sure if waiting would be the right decision or to take whatever offer comes along? Taking into consideration the pandemic, should I sell it and invest in a property back home in the States? Being that I am from the DC metropolitan area, I have seen many neighborhoods in and around DC significantly change over the past 20 years. Should I buy a home and rent out the basement? A 1 unit apartment and rent it out (all paid for or most of it paid for and the rest financed)? Keep it in the bank and save up more? Pay off debt and reserve 6 -12 months of rent as an emergency fund?