Advice: Looking to purchase & flip townhome, new construction-ATX
Hello BP Fam,
I'm new to real estate investing and looking for advice. I am planning to purchase a new townhome in a high demand suburb North of Austin, Texas with the intention of buying and selling it for a quick flip.
The townhome is within part of an area that is going to be built out into a large walkable mixed use space which will be a mix of retail/commercial and entertainment called the northline, along with a pond and walking trail built behind it. Also walking distance to light rail which connects to downtown. For those familiar with Austin area it will be something similar to the Domain. We have reserved one of the initial townhome at the presale price (mid 700s) with the option to backout, and they have since been selling them for $40-65,000 higher than our purchase price. Completion will likely be towards end of this year. Our concern is is it a good idea to buy being that it is a townhome, and some speculation is involved? The price is equivalent to a new construction home at the similar square footage, but we believe it will be of value because of where it is being built. What are your opinions about the situation and also the state of the housing market by this fall? Do you think we would be able to sell a townhome for profit at this price point? Thanks for your advice.