PreConstruction Condo Pitfalls with Tracy Ma

People buy things now to sell them higher years from now. That, if you could get lucky. What if something goes wrong? How can you recoup what you've invested?

This is the scenario with pre-construction condos. The market is good now, and down the road, something crops up that would alter everything you've set out at the start.

Tracy Ma is a thriving consultant, social entrepreneur, successful real estate & stock investor, and unquenchable lifelong learner.

In this episode, Tracy Ma shares why she doesn't favor preconstruction condos even though it works for others. At the same time, she also talks of ways to protect yourself if you change your mind in the middle of the whole construction and how to bring in cash flows through long and short-term rentals afterward. She also discusses other profitable deals you can get into with less trouble.

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What you will learn from this episode for 18 minutes:

Discover exit strategies you can have to rake in cash flows and make the most of your investment with pre-construction condos
Find out what you need to know when buying pre-constructed condos and the consequences when walking away when unit values get higher
Learn about an investment portfolio that earns well even in its simplicity and helps you avoid a lot of headaches

Resources:

Get Tracy's FREE real estate investing toolkit. Click here: https://www.youtube.com/c/FinancialNirvanaMama

Topics Covered:

01:47 - What are preconstruction condos all about?

03:14 - Understanding the speculation game about pre-construction condos

07:43 - Consequences of walking away after the unit is appraised at a higher value years later

09:22 - What her real estate investing journey was like after pre-construction condos

11:31 - Which markets is she finding opportunities in these days

12:43 - Outsourcing and self-managing properties at the same time

14:06 - You have the choice to be a part-time or full-time real estate investor

17:43 - Where you can get the most out of Tracy's resources

Key Takeaways:

"If you did get into a preconstruction condo, and you're changing your mind, I think initially, one thing that you could do to immediately protect yourself before you sign any papers is have the right to assign." - Tracy Ma

"Out of all the different types of real estate, traditional strategies, residential buy and hold strategies are the one I prefer for the simplicity of the unit. " - Tracy Ma

"I want to help people realize that you can invest your money and make it work harder rather than you work harder so that you could take more time, living your best life and not be sucked into this nine to five grind." - Tracy Ma

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