Abstract:This paper relaxes the assumption of infinitely expiration of investing options in standard real option analysis, and discusses the investment opportunity with limited investing time. In the paper, the value of investment option whose expiration time is T years is derived. The optimal investing rules and expected waiting time are provided. Using numerical approach, an analysis of real estate investment with background of our country is presented. The results shown by the paper demonstrate the trade-off of the investor between the waiting and investing