How to Acquire $1-million in One Year
So I just finished the book, How to Acquire $1-million in Real Estate Income in One Year by Tyler Hicks. It's not a book that I have ever heard recommended and I just happened to pick up at the library when I was browsing books. What I really liked about the book is the unconventional strategies outlined in the book that are rarely discussed. This book will get your wheels turning for sure!
One strategy discussed in the book that is a pure SPECULATIVE and not INVESTING is securing the right to purchase a condo or townhome in a small development prior to construction and then selling your unit once construction is complete with the thinking that once the structure is standing, a lot more people will be interested and you will be able to sell for more than the purchase price.
I've looked into this and read over the contracts on a few and have found that with as little as a $1,000 to $5,000 deposit you can reserve the right to buy at a predetermined price once the building is complete. You can get a full refund of the deposit back up until the point that finishes have been selected so hopefully at that point, the project would be far enough along to gauge if the hype and interest for the new project is there to where you could purchase the property and exit for a higher price.
If you have ever done something like this in the past I would love to hear how this turned out for you. I know this is pure speculation but I thought it was an interesting strategy that I have never heard or thought of.