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House-Flippers Turn To The Crowd For Quick Cash. What Could Go Wrong?

Discussion in 'Real Estate & Other Investments' started by searcher, Sep 21, 2016.



  1. searcher

    searcher Mother Lode Found Site Supporter ++ Mother Lode

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  2. southfork

    southfork Mother Lode Found Mother Lode

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    mayhem likes this.
  3. Eyebone

    Eyebone Midas Member Midas Member

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    'houseflippers' contribute greatly to the skewed prices of homes.

    I would tar an feather them.
     
  4. edsl48

    edsl48 Silver Member Silver Miner

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    Well it is 2 AM on Friday night here making me think it's perfect timing for a "Get Rich in Real Estate" post. With as little as 5,000.00 you can be a part of the newest real estate bubble building right now.
    https://www.realtyshares.com/

    (Full disclosure: I am going to sit this one out as I have done so many times in the past...but I'll be there at the foreclosure sales.)
     
  5. Ensoniq

    Ensoniq Midas Member Midas Member Site Supporter

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    Yeah we can't have free market decisions around here
     
  6. Buck

    Buck Fabian Society Gold Chaser

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    It's the one Achilles's heel of capitalism
    It's also one of the driving factors of capitalism
    Greed

    What to do What to do
     
  7. Ensoniq

    Ensoniq Midas Member Midas Member Site Supporter

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    I'd call it acting in ones own interest rather than greed. But even if we call it Greeed, I'd argue so what.

    No one is forcing a buyer to accept the flipper's price. And, the flipper is preventing blight by refurbishing and recycling older properties

    It still takes a buyer and a seller to agree on a price (fair market value definition) for the transaction to occur.
     
  8. edsl48

    edsl48 Silver Member Silver Miner

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    I saw a house bought for 75,000 by a flipper who put on a nice new front door, painted the cabinets white with new hardware and a new big box store carpet job. My guess is that overall the flipper has 83,000 at most. He put it on the market for 135,000 and he sold it for 130,000. Some of these flippers do pretty darned good but where in the heck are the banks? That house had to be appraised for mortgage reasons. The appraisers know what that house was bought and sold for but once again apparently they ignore the facts, package up a house mortgage to be sold to Fannie or Freddie and the cycle continues.
     
    Mujahideen likes this.

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