Looking For Money Partner
I buy property in bulk. Hence I lock in a discount up front. We are talking about still to be built units. By getting in early I normally get a 15% discount of today's price and have the potential of future price rises are the units are ready to be sold.
In some cases the deal is depending on committing 10 units or more. Anyone want to join me? I can find more deals than I have the cash for.
One specific example in play now - 3 units total on this deal.
15% discount off the price.
5% deposit to lock in the deal until compeltion.
Units expected to be completed in Q1 2006.
A second example. This was for a home I moved into as my primary residence.
32,550 deposit (10%) to lock the contract on an agreed price of 322,400.
I expanded the unit after agreeing the price so agreed to pay a higher price at closing. No change in the deposit.
By the time the bank came out for the appraisal I was looking at an appraised value of 852,500.
Given that I was looking at a 279,000 paper profit, the bank agreed to lend on the value and provide cash back at closing (around 54K). HSBC was the bank on that transaction. I have since sold the unit and pocketed the profits as it was my primary residence and my wife has some loss carry forward to cover the excess (over 500K profit is normally taxed on a primary residence).
John 
[addsig]
Would be interested but I'm on the east coast. Do you do anything out here?
I am not trying to be flip when I write the following...
I am looking for money partners so I can do more deals than I am already doing. Hence I would not expect the money partner to be too concerned about where I am investing. They are not the one running around, etc.
Location is important and all the rules for investing still apply. I am just saying that if I create a joint venture with someone who is putting up the cash, it means I am pretty much driving the decision on which coast, etc.
Tangent...
If you want to know more about what I do and therefore how you mgiht do the same that would be a different discussion. I can point you to a profile for myself that is on a different service. There are some pictures of a couple of places I have done deals on. Send me a private message and I can get the link to you.
John
[addsig]