I would like to know if there is a successful strategy in purchasing a new home at pre-construction cost and either selling once it's constructed or renting it out. I'm in the Fort Lauderdale, FL area. Any info or tips would be greatly appreciated.
@Jaron Cumberbatch , can you expand on that some? If you don’t mention price point or area, or any metrics, then you’re essentially just gambling. What are you looking to accomplish? What kind of returns do you desire? How hands on do you want to be?
@Reese Newell Honestly it's more of a general question for things to look out for and/or opportunities to look out for. Near my rental property in sunrise, FL, they are preparing to develop an old golf course and I'm thinking of possibly purchasing one Pre-construction as an investment property. Either to sell once it's built or to rent it out. They aren't offering any Pre-construction yet, nor do I know the prices yet. Trying to get a head start on things to look out for and questions to ask.
@Jaron Cumberbatch I'm next door in Plantation. Which development are you talking about?
@Kevin Kohler The old sunrise country club.
Right, so with this development, you several years out due to permitting/planning still being done and the project is yet to break ground. I agree its an exciting project and the local builder is really bringing a part of the "next wave" of new construction to the area rather than just Lennar and the other national companies. Would be happy to go over some of the other local new construction developments to see where buyers have seen good appreciation once the projects are completed.