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Updated about 1 year ago, 12/17/2023
Should I sell or rent out?
I am a contractor in Southwest Florida nearing completion on a new construction home (Home A; 3 bed, 2 bath, 2 car garage, 2500+ sf, a pool). There is no mortgage and I estimate the value to be about $675,000 when finished.
My original plan was to sell the home (A) and use the money to begin construction on 2 additional homes (B and C) but I am interested in the possibility of renting home A out for the cash flow instead of selling it. I would still need to pull out around $450,000 from the home to continue to run my business and to begin construction on homes B and C. I feel like the rental income from home A would enough to pay off the $450,000 loan to build homes B and C while still maintaining ownership of home A.
Are their any experienced investors that can weigh in on this and help me analyze this situation? What is my best option here?
I appreciate any help you can offer,
Mike