patrick.net

It's the American dream to make a fortune by not doing anything.

Why do you hate America?

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On a relevant note that second house is a huge POS and isn't worth the 150 he paid for it

Remington says

It's the American dream to make a fortune by not doing anything.

Why do you hate America?

Thats not an American dream. American dream is to accomplish something great for the society while making lots of money in the process with a successful business plan.

Get rich quick schemes have always been there. That slime has never gone away and never will.

Nomograph says

They bought foreclosures in the middle of the ghetto and turned them into income-generating rental properties.

Instead of complaining, why don't you do the same?

Malkovich says

Well, first of all, I wouldn't have the balls to be selling POS houses that I fixed up for the very minimum in time and materials to another person. I just couldn't even look that person in the face and sell it to them.

I run an honest business and the mark up on my goods is 20%. For small businesses that are struggling I even bump that down a bit just because my business is doing very well and I sympathize with other business owners and want them to succeed (as I have).

I am, in fact, looking for a multi to owner-occupy as my first home purchase. I waited out the bubble because I knew it was stupid to get into bidding wars and overpay for a home with a questionable mortgage.

Now I find myself competing with the cash-sharks for the very few properties I am interested in and pay taxes (in the second highest bracket) to support the banks and idiots who bought during the bubble.

If the realty game were even slightly a level playing field, well, I wouldn't have a problem with flippers, the slimy opportunists that they are. But, fact is, realty and realtards are the most corrupt games and players around and, well, please forgive me if I am slightly bitter about the situation.

I hear where you are coming from, Malkovich. I cannot believe how many fresh flip-jobs there are on RedFin still. Sadly, the RE "professionals" and their slimy business pals all get access to reasonably priced listings well before end-buyers do, so they take many of them, slap some makeup on them & list them at a heinous mark-up. It is really, really annoying. I basically grew up in a construction site, and my father DIYed a lot of his house's renovations. Having seen how everything is put together, and what proper quality assembly is, these flips make me want to vomit. Half of the ones I have toured have renovations that look OK from about 15 feet away, but upon closer inspection it is obvious that I'd have to spend money removing the shabby modifications & having it all redone properly.

Between March 24, 2010 and April 1, 2010 house #1 was listed publicly IN THE MLS for 117k. The current owners who are flipping it probably had to outbid others - they paid 130k.

Anyone could have bought it.

House #2 is an REO and still waiting for a buyer.

Most of the sour grapes complainers are just whining.

You all have access to loans and can outbid flippers on everything including courthouse auctions. The only special hidden deals you wont see are pocket listings and those are rare and you have to work or be lucky to find them like any 'sweetheart deal'.

Flippers are the only way the ghetto ever gets a remodel, the FHA no down payment buyers sure wont remodel anything. The flippers are the answer not the problem!

Remington says

It's the American dream to make a fortune by not doing anything.

This is true.

Witness all of the women who watch the Real Housewives of Wherever...nearly all of these "Housewives" do nothing and yet are paid at least $200k per season.

(And yes, I am including Adrienne Maloof in this since the Maloof family only owns about 2 percent of the Palms Casino - the other 98 percent owned by hedge funds.)

Americans, particularly American women in this economy, find this intriguing and aspire to it, I think; - how someone with no talent or skill-set can make so much money and live so richly doing essentially nothing.

Same fascination with the Kardashians.

~Misstrial

Malkovich says

I am, in fact, looking for a multi to owner-occupy as my first home purchase. I waited out the bubble because I knew it was stupid to get into bidding wars and overpay for a home with a questionable mortgage.

Now I find myself competing with the cash-sharks for the very few properties I am interested in and pay taxes (in the second highest bracket) to support the banks and idiots who bought during the bubble.

If the realty game were even slightly a level playing field, well, I wouldn't have a problem with flippers, the slimy opportunists that they are. But, fact is, realty and realtards are the most corrupt games and players around and, well, please forgive me if I am slightly bitter about the situation.

You are in SF?

My friend, you need to contact Kurtis Squires at farbelowmarket.com

You can beat the flippers at their own game.

~Misstrial :)

bmwman91 says

Sadly, the RE "professionals" and their slimy business pals all get access to reasonably priced listings well before end-buyers do, so they take many of them, slap some makeup on them & list them at a heinous mark-up

Most Americans are sheepish. Most folks still pay the still excessive price thinking just get it before it goes up more. It is these people who are paying are at fault. They should pay the flipper price as long as renting the same place vs owning after deductions makes sense,for e.g per patrick's calculator. As long as they see an RE as an investment,this problem will not go away.

bubblesitter says

Most Americans are sheepish. Most folks still pay the still excessive price thinking just get it before it goes up more. It is these people who are paying are at fault. They should pay the flipper price as long as renting the same place vs owning after deductions makes sense,for e.g per patrick's calculator. As long as they see an RE as an investment,this problem will not go away.

I agree. Flippers wouldn't flip unless there was a market for it. There's a market for it alright, so they keep on going. It has a lot of parallels with illegal narcotics, interestingly. You can try all you want to take down the suppliers, but so long as there is demand & cash to be exchanged, someone will be willing to be a supplier.

Thats the case. However is there one set of rules for one group and another set of rules for another group in this? If thats the case then how can you take it seriously?

Don't flip. Whats a flip. It's word. Could mean turning a house fast for a quick catch. Could mean and illegal bumper transaction. I'm not stupid. I act responsibly towards my lenders. As I have said before do the work dude. Get the house at the right price insteading slobbering beer down you t -shirt and watching CNN all night long. See. If I get it at the right price there is no JAKING the deal. Noobs do that sometimes because they have some kind of jerkwater business plan to get rich in 2 years. They stay with it alright even if it means breaking the law. Don't give in to a noob or slick people its not worth wasting your time on the stupid.

Any reasonable person should be able to spot a flipped house based on previous sales data available online. Also, I think it comes down to educating yourself on housing in order to avoid the shoddy-remodel, make-a-quick-buck crowd. These people will not go away...they are just looking for the next sucker who is impressed by granite counters and stainless appliances lol.

PockyClipsNow says

he only special hidden deals you wont see are pocket listings and those are rare and you have to work or be lucky to find them like any 'sweetheart deal'.

It's not as rare as many people think. I have pointed out a realtor in one of my posts here that has done this at least 4-5 times -- lowball-purchased a house (perhaps from a client) and then flipped it fairly quickly for market value with some minor cleanups. I have seen other realtors do the same.