Camping Vacation = $$$$ Profits in California - Posted by Surferdude

Posted by GL(ON) on July 07, 2002 at 06:39:36:

How much do they require as a deposit?

Whenever real estate prices are booming this opportunity presents itself. You don’t have to get a mortgage or pay a down payment until the house is complete which may be a year from now. Then you sell for a profit without touching it or doing anything.

There are 2 drawbacks.

One is, when the boom ends, you can be on the hook for a lot of houses that are not worth what you promised to pay for them.

The other is, developers have gotten wise to this and put clauses in the contract to prevent it, or to soak up the profits for themselves.

Camping Vacation = $$$$ Profits in California - Posted by Surferdude

Posted by Surferdude on July 05, 2002 at 18:58:01:

In San Diego these days people camp in front of new housing developments for up to a week for the chance to be considered for a new home. On opening day the developers screen the potential home buyers on a first come first served basis and then choose who will be allowed to buy one of the new homes. Typical contstuction time takes only a year or two and the typical price is around $650,000.

Does anyone have any experience flipping their position in one of these “camping lines?” Flipping after making the downpayment? Prices for homes in California go up on average about $10,000 per month, ensuring that these new homes are a no brainer opportunity for what amounts to "One week’s work (camping)!