Need Advice On Pre-Construction
Hello,
First timer here looking for some advice on my first investment property. I purchased a pre-construction condo(1br/1bth) in Downtown Miami for $156,240, so far I have put down 10% and the seller is asking for another 5% about half way through construction. The building is set to be completed by NOV'04, and as of right now the starting price for a 1br in the same building is $188,000. What should I do? Can I sell before closing? can I sell before the aditional 5% down payment? Should I hold on and sell a few years down the line and rent in the mean time? Any advice here would be greatly apreciated?
Thanks,
MIANJ 
In my area condo's were being offered for 90k and were being sold for 140k before they were even finished! So you can either sell now for a higher price or if you want to make more money, just wait..