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Here's the deal. MrsRiverOtter and I have a dilemma! We own a waterfront lot in the hottest area of the Nooga. Our dream has always been to live on the water. Here is our dilemma.
-We could literally more than double our money in the short span of 2 years by selling and 1031ing that into other investment property.
-We could sell the lot and use the money to pay cash for a non-waterfront house and have no monthly payment.
-We could build our "dream house" and sell it (maybe make even more money to invest with).
-We could build our "dream house" and live in it (making us no cash but have tons of equity).
I know there are lots of real estate types out there and we'd love to hear your opinions. :idea:
Here are some pics of the lot:
http://www.***boat.com/image_center/...G_1065-med.JPG
http://www.***boat.com/image_center/...G_1066-med.JPG
http://www.***boat.com/image_center/...G_1067-med.JPG
http://www.***boat.com/image_center/...G_1073-med.JPG
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my wallet would say sell that mofo :D
my heart however says keep it and build on it....it could be a one-time chance to own a lot like that. I know I would kick myself every day if I COULD be living on the water and I was towing to it instead...
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I know I would kick myself every day if I COULD be living on the water and I was towing to it instead...
I am feeling the same emotions :idea:
if I have to sit on the house for 2 years before selling then I will have to rethink my plans
I wouldn't have to wait 2 years to sell. I would also be using a GC to build the house not me.
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Oh, Otter, I would build and enjoy every minute of it....Life is too short and you are so blessed to have it!! Enjoy with your family--it's what a lifetime of memories are made of.... :smile:
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I would build it, live in it two years and enjoy your dream, then sell it tax free after two years and start all over with the next project.
That's the plan we are on, sell every two years and pocket the equity tax free. Moving every two years is not all that bad, think of it as a real good spring cleaning every two years :D
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RO that is a tough poll!! My first thought would be to build the waterfront dream home, pull some of the equity out to then invest in another property perhaps. You said you would have a "ton" of equity so use it to your benefit. :confused:
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Enjoy with your family--it's what a lifetime of memories are made of.... :smile:
We can't seem to take the emotion out of it. :squiggle:
That's the plan we are on, sell every two years and pocket the equity tax free. Moving every two years is not all that bad
Dam! Do you ever unpack your boxes?
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We can't seem to take the emotion out of it. :squiggle:
Dam! Do you ever unpack your boxes?
After last year my boxes are still in the back of my truck :rolleyes: :squiggle:
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Build on it.... Half way through list it for sale at a high price..... if it sells youve done extremely well if not you have a kick ass house.... win-win as far as I can $ee.....
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Really, Otter, in the end all you have is family and good friends.... all the rest is gravy. What a beautiful spot to watch your kids grow up and play the days away..... :cool: