I need advice on investing in a property. My husband just got a job at NASA paying $25,000 over the amount of his previous job. We are renting to own a resort property (not a timeshare) at a major deal (paying $1250 a month when we can rent it out for at least $800 a week) It is 2 minutes from Disney and a brand new four bedroom townhome. The lease purchase timeframe on this is 3 years 6 months so we can clean up our credit. (We owe about $35,000). My mom bought our old house and we moved into this resort house because with the $177,000 we make a year and a $1250 payment, we figured we can save, make payment arrangements with creditors, and be able to purchase the home in the 3 years and 6 months. Meanwhile, we ARE allowed to rent it out as a resort property.
Now here is my question: My husbands job at NASA takes him from Kissimmee, FL to Kennedy Space Center as we live in Kissimmee right now. That’s just over an hour of driving each way. The gas bills probally take up the $25,000 raise as he has an SUV. Anyway, a corporation that moved to Charleston had a year old condo on the 10th floor of a high rise. It was professionally decorated by an interior designer and all the furniture stays with the house.
My Question? Is this a good investment? Or could we at least stand to make maybe $150,000 or so? Being that the market I don’t think can go down anymore within 5 years and the price is locked in.
Investors out there, HELP! I don’t know what I should do.
Kimberly
THANK YOU!