Easier To Flip In A 55+ Community Or A Single Family Home Community?
Hi, I'm just looking for my first deal to do some flipping in a new home development. Looking to buy pre construction and sell once home is complete. I am looking for a slow builder so I have time on my side for appreciation. However, I live in Florida and can either buy a single family home or in a 55+ community. I wondered which was a better idea. I know the baby boomers are retiring soon and looking for retirement homes so I was thinking of going with the 55+ community, especially since Florida is a big retirement area. Any thoughts? :-?
get in touch with local realtor and ask them which is selling the best. call several to get a wider range they can help you might have to read though their selling hype but by calling several you can get a good idea........kenmax
Hi SBO23, I am looking to do the same thing. I wanted to ask you a few questions on qualifications for a pre-construction like what you did.
where i live ther is a waiting list for new home developments did you get around that?
how hard was it to get qualified for the loan did they have important factors that exceded factors?
did you have to come up with a big down payment? thanks jj
Hi, First off, I have not bought anything yet. I am just looking WHERE to buy during pre construction. I called one development and they were going into phase 4 and she said there would be a price increase. I asked how much and she said 2%. However, she said it is the 7th increase this year. So, the values have gone up 14% so far!!!
Some developments here have waiting lists and some do not. The lady I spoke to did not say anything about a waiting list.
I believe she said the deposit was 5K maybe and at the start of construction was 5% down, then remainder at closing. I have seen many lenders that want 10% down for investment instead of what used to be 20%.
I have perfect credit so a loan will not be a problem, just finding the right development.
Do your research with HUD and your local real estate association to find out which priced homes are hottest in your area.
I'm trying to be smart about this but its still a gamble, if Kerry gets elected and the stock market plummets or rates rise alot then it may be hard for me to sell. But I'm trying to think positive.
think positive kerry is not going to get elected : ) lol!
Ok, thanks for the info.
Both are just fine and yes you first need to investigate marketability of the subject property.
In Florida the coastal areas are best for condos and in the central or middle areas of Florida single-family homes move best.
Overall single family homes have always moved the best!
I live in FL as well. I just purchased my first investment property preconstruction price. It's a TH in Palm Beach area. The expected completion date is Jan'05. I bought it on Feb'04. So far the price has gone up about 18%.
Just be careful and read your contract carefully. Due to a lot of influx for new investors a lot of development now they have a clause to prevent you from selling your home within certain time frame. It's harder to look for new development in this area. Plus the SFH development price is very high right now. If anyone has any good information about good preconstruction community please let me know.