This really isn''t answering your question directly... but... I know this guy who started investing in properties, remodeling them, reselling them or buying at preconstruction prices and then selling them and his business got quite large with numerous investors. He was making lots of money very quickly but as good things normally do, it came to an end. With the real estate market slowing he''s having to hold on to properties longer and longer and is even having to sometimes sell at a loss. Last time I spoke with him he had something like $8 million dollars of property just sitting there for sale and as you can imagine, he''s having to pay the mortgage on each of them during the time they don''t sell. He has stopped buying as many of the investors have pulled out because they''re not getting the returns they were used to.
... that doesn''t really answer your question but it does give some insight into how the market is right now for that type of thing.
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