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"Flip the Condo"

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

  1. Str8shootr

    Str8shootr

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    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.

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    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

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    My friend is using his self directed IRA for his investments as well.
     
  4. duncan

    duncan Millennium Member Lifetime Member

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    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.

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    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

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    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.