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:
- 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)
- 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.
- 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!!!