Do Your Numbers and Think… Should I Buy a Miami Beach Condominium to Flip It?
Question: Should I buy a condominium to flip in a couple years?
Pre-building cost of a unit $300,000. Down payment is 10% or $30,000. If the unit is not completed for 6 months and the $30,000 was in a 3-month certificate of deposit earning 4%, the cost for resting the $30,000 with the developer is $600.00.
So here comes the closing and the developer has a restriction that you cannot flip the unit until a certain percentage of new units are sold or perhaps for 24 months following the closing.