22 Unit Condo Project Tampa Bay - Must Flip!
Hi,
My partner and I have a 22 unit condo project under contract. The site plan approval on this project expired several years ago and we have submitted for a variance needed to reinstate site plan approval, our contract is subject to receiving this approval. We are using the Real Estate attorney that all the big developers use who has great success with the county on such matters. All of the utilities are stubbed out and the building pads are in place. Original plans for the condo units were for 2 bed /2 bath 1000 sq. ft. There is great need for housing in this size range in the Tampa Bay area.
We are needing to flip this deal because in the mean time we just closed on 5 acres to build townhomes nearby and need to focus our energy and resources on this project.
Finished condo units would sell for $120,000 - $125,000, and the 12 unit condo building that was originally built as part of this project may also be available for purchase, bringing the total number of units up to 34. We are paying around $18,000/unit for land with infrastructure and costs to update county approvals. Will sell for $28,000 per unit. Project engineer is in place and general contractor lined up if needed.
[addsig]
Please advertise this in the My TCI > My Properties area. Forums are for questions/ answers.
I have paid to have a couple spec homes built. The contract with the builder states that the builder is not responsible for any losses or claims that may result in connection with the houses and their construction.
I want to know if I can get insurance now which will protect me while the houses are being built and also after they are finished. They will likely be finished in January or February. I intend to sell them soon after they are completed.
How can I be protected against claims and losses?