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"Flip the Condo"

Discussion in 'Business Forum' started by Str8shootr, Aug 26, 2005.

  1. Str8shootr

    Str8shootr

    268
    0
    Dec 13, 2004
    Indianapolis
    Has anyone here been playing the "Flip the Condo" game down in Florida.

    I have a friend that has played it twice and won big.

    He puts 10% down on a spec condo project. The condo appreciates 3-4% a month while it is being constructed, when it is ready to occupy he sells it and cashes in. He says the condo was sold for a 40% increase in value from his original purchase price. Not a bad return for only investing 10% down. Hmmm
     
  2. Mark G.

    Mark G.

    135
    0
    Nov 24, 2003
    Ohio
    Don't know anyone personally that has done it, but a friend of a friend has done it with similar results. She is now trying to do it as a full time job. I also understand people are doing it in their IRAs (Individual Retirement Account)and not having to pay tax on the gain until they withdraw from their IRA.
     


  3. Str8shootr

    Str8shootr

    268
    0
    Dec 13, 2004
    Indianapolis
    My friend is using his self directed IRA for his investments as well.
     
  4. duncan

    duncan Millennium Member Lifetime Member

    2,262
    19
    Feb 15, 1999
    Seattle
    I have a former co-worker in Orlando who now owns several small houses and each time he gets a bonus check, he uses asa DP for another house.

    I've always been interested but it's a market fucntion.

    Around Seattle, people want houses with the high cost of housing and the better appreciation for single family properties.

    In Ohio, I remmeber people buying houses as the subdivision was being built and getting a 20-30 percent appreciation.
    Can anyone who is doing this tell us the DIY.
     
  5. Mark G.

    Mark G.

    135
    0
    Nov 24, 2003
    Ohio
    Duncan,

    Spent 2 of the best years (1979-1981) of my life living in Bellevue at 144th Ave NE. I bet things have changed quite a bit. Seattle was a great place then and is probably even better now. Ivars fish bar, nothing better. Are Dick's Drive-In joints still around?

    In Cincinnati if you can get in early on the subdivision you can pick up 20% when the subdivision is finished. Sell before it is finished and you will usually lose.
     
  6. duncan

    duncan Millennium Member Lifetime Member

    2,262
    19
    Feb 15, 1999
    Seattle
    Yes, Dick's is still around and I love Ivar's and Spud's fish and chips.

    Love the Sound and all of the great forests for hunting.

    Still a great place to live - looking for a one-two acre big house with a large detached garage in Redmond/Woodinville.

    Used to live in Dayton and Dublin, OH.