Buying Off The Plans
need advice about buying properties off the plans, (phase 1).
a lot of books tell you to look for older residential for investment but here in
las vegas there are new communities being built all the time and a lot of people are making out great buying in phase 1.
We need a more specific questions.
I invest regularly "off the plans" as you say.
Suggest you read article about preconstruction condos
http://www.investinwaterfront.com/preconstruction.html
Some of this info may apply to your case.
[addsig]
Gregg,
I just read your link. Interesting. I've thought about this in the past but hadn't come across any details.
Is it possible to use a self directed IRA to put the 10% down on a condo, just to have the IRA sell (hopefully at a profit) before it's forced to close?
Thanks.
_________________
Swetbak[ Edited by swetbak on Date 11/14/2003 ]
Quote:
On 2003-11-14 05:53, GFous wrote:
We need a more specific questions.
I invest regularly "off the plans" as you say.
Suggest you read article about preconstruction condos
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Some of this info may apply to your case.
i just read your link, very informative, thankyou.
but i was wondering, how do you get your hands on the first few properties that are built before anyone else.
Not sure about the IRA question. I will ask my CPA and revert.....
Regarding where to find the deals.....this is what I do for a living ... I network with builders, advertising agencies, developers, etc....
If you are not going to do this your self you need to get a good agent that specializes in pre construction work.. Make sure he will be there when you want to resell your unit....and at a discount.
Gregg
[addsig]
If you need additional information as to the area of Vegas and the pre completion purchase of condos and tract housing you might ask Sammy who on occasion posts. Knows his stuff.
This thru the years has always been a winner, go back to the early building of suburbs that occured throughout the United States in the early 50's.
The trick is of course as prior poster stated, network with builders, developers (a developer is a wanna be builder who has clean hands and a business suit) When he wears a hard hat it looks funny.
I also court the friendship of plumbers and other subcontractors active in the area. Main thing to remember is that if you are putting up a deposit not an IOU, you are entitled to discount from the price to be asked at completion.
There is a benefit to them in your so doing. It affects their ability to borrow and the release of monies during the course of construction. Also it gives you a small chance to stick in a couple of extra goodies that might make your units more desirable. In Vegas, add a solar panel wired into the breaker box and into the meter. Turn the meter backwards when you are not using the electricity yourself. God thats a good feeling, the power company owe you. Makes the little stand alone really attractive. Just might bonus it up at time of sale.
I hope these few craven remarks are helpfull.
To Profit. Lucius