Wednesday, June 1, 2011
I Had to Stop the Bleeding
I have been "preaching" that at times you have to cut your losses and move on when it comes to real estate.
Unfortunately I had to listen to my own advice.
After meeting with my financial planner I decided that I had to take the hit and sell my condo in Florida. From an emotional standpoint it was very difficult, from a financial standpoint it was an even harder decision.
I will be going to closing with cash. That is a very tough pill to swallow.
However my financial planner showed me the situation from a different perspective. The condo would have to appreciate 6% a year just to cover the cost of running the property! That does not even include the property actually going up in value!
If you find yourself in a similar situation meet with a financial professional. Have them show you the numbers, and formulate a long term plan.
This is going to hurt in the short term but in three years I will be ahead of the game.
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