Track Homes- Good, Bad?
not sure where to post-
I heard a few stories about people buying track homes- Beazer, JMC ect., while they are being made, or before the area is finished and by move in date rolls around, the house has appreciated by 20,000+. Now I am not a home owner, nor a investor- yet, but if i could buy a home with an appreiciation so high and so quick, i could both take advantage of tax write offs, and have enough equity to start buying investment properties.
Is this a good idea, if so, where should I look to find the best deals. Thanks for any help
plus this is probably area specific, crazy cali :-D
lets say that the average price of a home n your area is 250k (I don't know). If it takes as long there as is does here to get a home built, 12 to 18 months in some cases, 20K is not a very impressive rate of return. It's probably better than most mutual funds, but not exceotional from a rei perspective.
Your price is right
But when you agree to buy a tract home, can I get a bank loan, then wait to pay until the project is finished. I do not want to pay rent and a mort.
I am pre approved for a 100% 250,000 loan, and want to get into a house, that will help me get started as an investor.
try to buy a new home construction deal in AZ.