Selling before the Buy
Good day everybody!
I had a question that has been rattling around in my mind the past day or so, let me explain the situation first though.
I am currently working with a team that I have been slowly, yet carefully, been putting together.
These are all close friends of mine, including my full-time boss and my girlfriend.
That team consists of:
- An Investor
- A Designer (Architect)
- A Construction Manager (His dad owns the construction company)
- Another Business Management Partner
Here is what I have been wondering; is it possible to sell before the buy?
My designer is able to have a rough drawing of the place completed by the time we leave the house and with a measuring tape we can get all of the dimensions easily. They can have a 3d model completed that night and any changes we wanted to implement can be discussed and shown on that model within days if not that night.
Could we sell that design to a buyer before we even put a bid in for the house?
Is this legal? What can go wrong with this process? We are all just out of college, except my investor, so we would want to speed the rehab process up as quickly as possible so avoid any holding costs. All of us are very motivated and have a great working relationship, splitting the profits evenly is something that everybody has already agreed upon (besides paying the investor back for down payment...etc..etc.)
Hope everyone has a great day!
Thanks!
Josh