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Updated about 10 years ago, 11/02/2014
I just won a 2014 polaris ranger on a 25.00 raffle, should I sell it for additional house investment money or keep it
I just won a 2014 Polaris Ranger 400 HO on a $25 raffle (it is a sidexside). I have been trying to decide if I should keep it or sell it to help fund another housepurchase. The polaris is worth retail almost 9K out the door, I can probably actually sell it for closer to 7000
I am a strong believer in not having partnerships and not having mortgages
I own three properties right now with no debt on them. So I don't want to sell it and use the money for a down payment , I recently purchased a cbs house for 12,500. A few months ago, it is rented out for 650 a month right now,The pros of keeping the Polaris are
-Using it to look at country properties I have recently became interested in, buying them cheap at tax deed sales and selling owner financing
-it's really great for family time
-I could potentially use it as a money generator by doing hayrides with it and my trailer.
The cons of keeping the polaris are
-Goes down in value
-Something good break on it
-To be missing out on rental income as I could use those monies to help buy a house, houses are cheap in my area,
This is a hard decision for me because I want to do both of them.
What do you guys think I should do?
I have done research on the Polaris Ranger 400 HO, some people love polaris, some people hate them