Buying Pre-construction Property To Sell Before Closing
I want to try to get into this game before it's too late. Just need to know the best way to find buyers for the contract before I have to go to closing. I have to put 10% down on a preconstruction property and want to sell it before it goes to closing. Hopefully, for more than it was when I put money down. Anyone out there have any suggestions? :-?
I posted the same question in another forum but never got a reply either. Are we missing something here? I'm in the Metro DC area (Northern VA) and just came from Northern CA and while I realize both areas are extremely hot markets and not the norm - you CAN make a profit simply from appreciation (without having closed and making loan payments).
For example, I bought a townhouse here in January for a July delivery - the final units sold for $40K more than what I paid and the development is sold out (even though alot of us have yet to move in)! If I really didn't need a place to live or didn't mind renting, logic would tell me I could sell this property to someone else for a profit and do a simultaneous close. Right?
whoops...saw some good posts below on this same topic...
We are originally from the DC area - we have friends who bought a condo last year in Crofton and before they moved in (March 04) it had gone up $50K. Why we didn't buy one of those???? we don't know. But your situation is exactly the kind we are talking about. If you don't have to move in (you have a place to live) sell it now and make an easy $40K. These are the kinds of places we are looking for. We have them in our area too, we just haven't found any that we can afford to do ourselves. More upper end stuff so far. But if one is available in DC area that we can afford to do, we would definitely do that, if the builder allows contracts to be assigned. thanks for your input.
Have any of you guys had any success with this investing strategy?
jm
Quote:
On 2004-04-26 22:55, dprosser wrote:
whoops...saw some good posts below on this same topic...
Below? Where are the good posts?