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OT: Real Estate Question - Buying in a new development
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Posted by Randy Thatcher [Email] (#22) [Profile/Gallery] (more from Randy Thatcher) on Thu, 11 Nov 2004 22:42:03 Share Post by Email
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Let's face it, California real estate is crazy, and it keeps going up. I've made a boatload in 1 year of condo ownership in the San Francisco bay area compared to owning 5 years in Cleveland. So a friend in Fresno is doing a slick move to cash in, and I may want to try this. You Saabnet folks know a lot about a lot, so perhaps you can help. Here's the scheme...

Find a brand new planned development in the bedroom community area (Tracy to as far out as Sacramento burbs). Buy a lot based on a model home before they begin construction. Give 'em the year to build it up. Get they keys to my house, and promptly put a For Sale sign out and sell for profit. It seems that the 2nd phase of these developments (even late in the 1st phase) is always much more expensive than the early people. I'm thinking I'll be out money down, a month or two's worth of Association dues and mortgage. Even with agent fees (or I could FSBO), I'll come out in good shape.

Good plan? Am I crazy?

I don't know the financials when you buy into a new development before construction begins.

How much down?
What are you paying during construction?
When does the mortgage begin?
What tax implications?
Anything I'm leaving out?

BTW, I have no intention of leaving the condo becuase the weather and coummute are ideal. I also locked in a SWEET mortgage that no one could touch now, guaranteed. This is purely a money making venture...

Randy

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