Posted by John Behle on March 02, 2002 at 19:02:40:
The technique can work on houses or condos in an escalating market. I began my real estate career in the late 70’s selling new homes. Some would increase in value by 5-10 thousand dollars between the purchase and the completion months later. Some made some good money putting down as little as $100 earnest money and then selling their interest later.
The problem then and ever more so now is that they would need to qualify and at least start a loan in process. Every year real estate gets tighter and the qualification of buyers has gotten stricter in new housing and condos. It’s possible to do today, but just like many techniques, it’s rarely as easy as the books and infomercials describe.