Hi all,
I don't usually post here but I come and read the threads on a regular basis, and I'm constantly impressed with the depth of the discussion that goes on here. I've seen some really great adivce posted for other problems, so I thought I'd post mine and see what your great minds have to say!
In September of 2005, I bought a one bedroom condo in a development that has yet to be completed (I should have possession within the next 4 to 6 months). Since that time, the potential value of that condo has doubled. I've based that on what my floorplan has been selling for in earlier phases that have already been completed.
Also in that timeframe, I have married a wonderful woman and we're looking to start a family. We're currently renting a two bedroom condo, and have recently found out our landlords are selling the place in the fall (we're currently month to month). We love the place we're in and we feel a one bedroom place would be too small for us if we were to have a child. So, we're trying to figure out a way that we can buy this place based on the equity that we've built up in the condo that has yet to be completed.
So, I guess my first question would be if anyone knows if this is possible or not. I know people can buy new places before selling their old place, but their old place is usually a completed property! I'm curious to see what ideas or solutions people come up with. I also have the opportunity to borrow money from my parent's line of credit to use as a sort of interim financing.
Thanks for any advice you may have! Feel free to ask any questions, as I'll be checking back on this post regularly!
Scott