Need help on pre-construction townhome


Need some help here …

With a $5k earnest money deposit, I was able to lock in pre-construction pricing on one of the last remaining townhomes at the base of a mountain at a Colorado ski resort. The catch is the builder is requiring $40k when they break ground and another $40k at framing (a total of 20% of the $400k purchase price). They break ground in about a month.

A unit identical to mine (one that has already been built) just resold for $519k, over a $100k profit. The reason is that it was just confirmed that a new ski lift will be built right next to these townhomes (making our units ski-in ski-out) and a Four Seasons Hotel is being built across the street. I’m now told that these townhomes should more than double in value as a result of this.

Good news, right? Well, kind of … the problem is I don’t have $80k. So, I believe my options are as follows:

  1. Find someone to front the $80k in the form of a high interest loan, payable upon the sale of my unit (I don’t know many people with this kind of money)
  2. Flip the property now. Not my preference because I could miss a ton of the upside potential. Actually, I’m not even sure how to do this in pre-construction.
  3. Lose the property and my $5k earnest money deposit. Of course I’m trying to avoid this at all costs.

Am I missing anything? If not, any advice on making either 1 or 2 happen?

Thanks in advance for your help!!!

Aaron Sweemer

There is supposed to be a teleseminar on preconstuction tonight 3/8 at 8pm CST. If you are a member you should have gotten the email for instructions about where to get the phone number to call and pin#. I think this seminar might answer a lot of your questions.

I heard you can make a lot of money in preconstruction. Matter of fact, there is an upscale condo going up right across the street from me. Let me know how your deal goes, I want to follow your lead.

Good Luck. Hope I could be of some help.

Hi, I am new to preconstruction and would like to know if anyone has any advise on how to get started. I listened to the conference call last night and was taken in by the opportunities available in preconstruction. I would be grateful for any information that anyone can give me.