NEED FINANCING/PARTNERING

[archangl]

Hey Everyone, my husband and I are new to investing and could use some assistance on a pre-construction we found in Baja CA.   Luxury condos, first project went for low 400's on presale, now selling at mid to high 600's.  This project has a 24mo completion target need 30% next 30dys.  Have 2 units lock and need partner or finance options. Units are 60% sold and some investors are already making money on a resale, with only the ground breaking done.   Please advise???

[richmortgagebroker]

Do you need construction funds or partnering funds

[archangl]

Open to all options.  Would like to finance 1 and maybe partner the other.  

However since we are new,  could consider assignment or partnering on both.  These are some beautiful condos.  Very high end for a price found nowhere else on beachfront property

[blueprints1971]

24 months is a bit too early...what is guaranteed in the option?  Im assuming that you are purchasing an option. Sounds interesting though.

[archangl]

why do you believe 24 months is to early???  This is not an option.  We need to put the down payment on 2 units.  Currently the prices are steadily rising.  Just as the USA has seen record growth in property values so has Baja CA.  They are experiencing 30% appreciation over the few years.  These units are not even built yet.  By the time the project is completed, the value of the property could be well over $700K and we are buying in at $550K

[blueprints1971]

usually, as an investor, i see presales 12 months prior to est completion time.

[archangl]

are you suggesting that we should hold off buying into pre-construction until the project is closer to completion?  I know that we are new to this, but I thought that the momentum was gained by getting in on the ground floor?  We do know that the developer has completed several projects in the area.  the last one almost completely occupied.   We know the project is backed by Stewart Title and the contracts states amounts paid are fully refundable if a breach by the developer occurs.  What else should we be looking for?  What should gaurrantee the trust agreement????  Thanks for any and all advise

[eldorado]

If it's the "Eldorado" community near San Felipe-Steer clear of them.  They WILL NOT resell your property for you.  It does not go into their bonus structure for resales.  All they are concerned with are new lot sales. The staff there are all washed up time-share people/ex-cons with no ethics at all. Believe me! I lived there since 1997 and had my personal home for sale for over 4 years with no response. I know the staff personally. Do NOT believe anything they tell you. Unless they brought in a new staff since 2004, they are scandelous.. That project will never get done on time-their constructions crews are awful, There's No-quality. stucco can hide a multitude fo sins..I did construction management there and they are  the wost crews I've ever worked with. That developer has ruined the area.
Check the CC&R's and you'll se you have no freedom to do anything but spend your $$$$

[archangl]

No it is not the Eldorado, this project is in Rosarito and it is awesome.  The developer has completed another project in this area and it was very beautifully done.  This project is being sold by RE/MAX and some investors were already making money from the re-sale of pre-sale prices due to the fast appreciation.  But thanks for the advice. We will make sure to steer clear of any projects in your former area.  This will be very good profit in less than a year. The contract does give the right to assign.