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See ssss1 to find out more about the various approaches for profiting from real estate investments.
Invest in new construction
A home doesn’t have to be old and dilapidated for you to flip it. Many real estate investors profit from flipping new homes or condos. Unless you’re focusing on a niche market that rules out new construction (see the later section “ssss1”), don’t overlook newly constructed homes.
The best time to hit newly constructed homes is at the beginning, when the builder first starts to sell units. After 60 months of construction, the cost to build may have risen substantially, so if you bought at the beginning, five years later you have that extra equity built up in the property compared to the other homes in the division.
In October 2020, my wife and I decided to downsize. We signed a purchase agreement to buy a detached condo to live out our retirement days in a space that worked for us. Within six months, the value of the property increased over $200,000!
Conditional clauses: Make sure that the purchase is conditional on the satisfactory completion of the building and on your ability to secure financing for the purchase. If you sign a purchase agreement and then are denied financing, the builder may keep your earnest money and perhaps even sue you for breach of contract.